JLL Secures $42M Loan for Rio Shopping Center in Suburban Maryland
GAITHERSBURG, MD. — JLL has arranged $42 million in financing for the western portion of Rio, a 700,000-square-foot retail property in the suburban Washington, D.C., city of Gaithersburg. Located at 9811 Washingtonian Blvd., the property is located at the intersection of Interstates 270 and 370. Chris Hew and Evan Parker of JLL Capital Markets arranged the 12-year, fixed-rate loan on behalf of the borrower, Peterson Cos., through MetLife Investment Management. Peterson, a Fairfax, Va.-based real estate developer, will use loan proceeds to refinance an existing loan and complete a multimillion-dollar capital improvement plan that includes the development of an outparcel building preleased to True Food Kitchen, as well as garage repairs, updating building facades, expanding the boardwalk, new entertainment and programming spaces and refurbishing a pedestrian bridge. Rio is 98 percent leased to a mix of retailers that includes Target, Dick’s Sporting Goods, Kohl’s and Barnes & Noble, along with restaurant tenants such as Yard House, Uncle Julio’s, Corner Bakery, Lanzhou Hand Pulled Noodles and Kung Fu Tea.