$35 Million Loan Enables White Flint Plaza Enhancements
Burke & Herbert Bank announced today that the Bank has entered into an agreement with real estate owner and developer, Combined Properties, Incorporated to provide financing for significant enhancements to White Flint Plaza in Rockville, Maryland. Planned enhancements to the retail shopping center, which is adjacent to the former White Flint Mall, include the build-out of new grocery anchor tenant, ALDI. ALDI will occupy close to 22,000 square feet in a portion of the space formerly occupied by Shoppers Food Warehouse, which vacated the location early in 2020. The $35 million loan with Combined Properties provides the local real estate developer the funding needed to support other new tenants as well.
“Since our first transaction in 2009, we have found the Burke & Herbert Bank team to be extremely responsive and terrific to work with,” said Steven Gothelf, President & Chief Operating Officer of Combined Properties, Incorporated. “Completing the recapitalization for White Flint Plaza and signing a new anchor lease with ALDI were two meaningful steps toward the exciting new phase we have planned for the center. We look forward to working with Burke & Herbert Bank on future deals.”
“Combined Properties and Burke & Herbert Bank have worked together on several commercial real estate development projects previously and have a long-standing commercial banking and lending relationship,” said Michael Solomon, Vice President and Commercial Relationship Manager at Burke & Herbert Bank. “We are delighted about completing this most recent deal with the Combined Properties team and proud to play a role in enhancing this retail center, which will bring significant value to the broader community.”
As one of the Washington region’s most experienced commercial lenders, Burke & Herbert Bank has the local market knowledge and know-how required to craft loan solutions for both commercial real estate and non-real estate commercial financing needs. Commercial loans comprise the majority of the Bank’s $1.8 billion loan portfolio, and meeting the financing needs of mid- to large-sized businesses throughout the greater Washington and greater Fredericksburg, Virginia regions is a primary focus for the Bank.
Burke & Herbert Bank & Trust Company, established in 1852, is the oldest bank in the Commonwealth of Virginia and the oldest continuously operated bank the Washington, DC area. The Bank offers a full range of personal and business banking products and services designed to meet customers’ banking, borrowing, and investing needs. Burke & Herbert Bank & Trust Company is headquartered in Alexandria and operates more than 20 branches in Northern Virginia.