PRINCE GEORGE’S COUNTY, MD. — George Smith Partners has arranged $46.3 million in construction and mezzanine financing on behalf of its clients, Walton Westphalia Development Co. and Walton Westphalia Europe LP, for Phase I construction on a new, 310-acre mixed-use development in Prince George’s County, a suburb of Washington, D.C. When complete, the project, known as Westphalia Town Center, will include a mix of residential, retail, office and hotel products. The construction loan closed with a combined loan-to-value of 59.1 percent and 66.7 percent combined loan-to-cost. Walton Group of Cos. managed the borrowers. Malcolm Davies, Peter Kleinberg and Drew Sandler of George Smith Partners originated the financing. The Westphalia Town Center project will span 310 acres and is anticipated to consist of 845 single-family residences and townhomes, 884 rental apartments, 600 hotel rooms, 2.2 million square feet of office space and 534,000 square feet of retail space.
200