Our Latest Commercial Loan Deals
Bank Funds Deal for Lakeland Capital
Burke & Herbert Bank provided $5.8 million in financing to Lakeland Capital for the acquisition and renovation of Riverside Drive Apartments, a 66-unit building in Richmond, VA. Relationship Manager Roth Carroll was instrumental in facilitating this deal.
Financing for Classic Party Rentals
Bank Funds Acquisition by JK Land Holdings
Burke & Herbert Bank recently provided financing to support JK Land Holdings’ acquisition of Gainesville Business Park, a ~370,000 square foot industrial warehouse park based in the heart of Gainesville, VA. This is the Bank’s first deal with JK Land Holdings and represents the Bank’s continued expansion into Prince William County. “We are honored to partner with JK Land Holdings and Chuck Kuhn on the acquisition of Gainesville Business Park,” commented Michael Solomon, Senior Vice President at Burke & Herbert Bank.
“JKLH purchases land that that can be sold, leased, developed, or placed into conservation easement. Burke & Herbert understood our priorities and was a great partner in helping us purchase this industrial park,” explained Chuck Kuhn, CEO, JK Land Holdings.
Financing for Classic Party Rentals
Classic Party Rentals of Virginia has turned to Burke & Herbert Bank for a comprehensive package of financing to fund current and future operations of the Richmond based company. The package includes an operating line of credit, guidance line of credit, and refinancing for an existing term loan. “At first we were just looking for one new credit line” commented Kurt Whittleton, CFO. “However, Ray looked at our company’s overall financial picture and put together a larger deal that does more for us. We were so pleased that we also opened a new deposit relationship with the Bank.” Relationship Manager Ray Cilimberg was instrumental in facilitating this deal.
Bank Funds Timber Ridge Townhomes Acquisition
Burke & Herbert Bank has provided $26.5 million in financing to the Linden Property Group for the acquisition and renovation of Timber Ridge Townhomes, a 147-unit townhome community in Fredericksburg, VA. Relationship Manager Roth Carroll was instrumental in facilitating this deal for the Bank.
Financing for Prince William Commons
Burke & Herbert Bank recently provided a $22 million loan package for the refinancing of the Prince William Commons campus, 5 flex industrial buildings in Woodbridge, Virginia. Located on the Prince William Parkway, Prince William Commons is a Class A flex/industrial property with a wide diversity of tenants providing essential services to Woodbridge and surrounding communities. “Burke & Herbert Bank is proud to partner with local borrowers to help drive our community forward every day” commented Michael Solomon, Senior Vice President at Burke & Herbert Bank.
Bank Funds New Deal for Douglas Development
Burke & Herbert Bank has provided $9.1 million to @Douglas Development to refinance a recently-redeveloped multi-use property in NW Washington DC adjoining Blagden Alley, that includes the Dabney restaurant along with a new bar, office and health facility. The Bank has financed several projects for Douglas Development. Relationship Manager @Jim Harper, who has worked with Douglas Development over many years, was instrumental in facilitating this deal.
Burke & Herbert Bank Closes 4th Deal with Open Industrial
Burke & Herbert Bank recently provided financing for Open Industrial to acquire 1618 and 1622 Commerce Road, an industrial warehouse property located in Richmond, Virginia. This is the Bank’s fourth deal with Open Industrial in recent months. “We are honored to close on our fourth deal with the Open Industrial team and look forward to continuing to grow this relationship” commented Relationship Manager Michael Solomon, SVP.
Eakin Properties
Burke & Herbert Bank has provided $27.55 million in financing to Eakin Properties, to finance the acquisition and renovation of The Glen Apartments, a mid-rise apartment development in Falls Church, Virginia. Relationship Manager Jim Harper was instrumental in facilitating this deal.
Burke & Herbert Bank Closes 3rd Deal with Open Industrial
Burke & Herbert Bank recently provided financing to support Open Industrial’s acquisition of 11441 Robertson Dr. in Manassas, VA, an industrial warehouse property anchored by Carter Machinery. This is the Bank’s third deal with Open Industrial in recent months. “During times of extreme capital markets volatility, we appreciate more than ever our strong relationship with Burke & Herbert Bank” commented Blake Potolicchio, Managing Partner at Open Industrial. Relationship Manager Michael Solomon was instrumental in facilitating this deal.
CSC Leasing Company
Burke & Herbert Bank has provided a $20 million credit facility to CSC Leasing Company, to support the growth of the company’s equipment leasing portfolio. This deal is the Bank’s first with CSC Leasing, which is based in Richmond, Virginia and operates throughout the U.S. and in some international markets. “We started working with Burke & Herbert Bank back in April, and the relationship progressed as the Bank took the time to get to know our company” remarked Dave Bosher, CFO. “Their team was attentive and responsive to our needs, and we’re pleased to start doing business with Burke & Herbert Bank.” Relationship Manager Seth Feibelman was instrumental in facilitating this deal.
St. John Properties
Burke & Herbert Bank is providing $13.49 million in financing to St. John Properties, for the ground-up construction of two new flex/industrial buildings. The spec construction, located in the Dolfield Business Park in Owings Mills, MD, has already broken ground and will deliver in 2023. Relationship Manager Michael Solomon was instrumental in facilitating this deal.
Campagna Center
Burke & Herbert Bank is pleased to provide Campagna Center with its construction-permanent financing to fund the complete transformation of the Center’s historic headquarters at 418 South Washington Street, Alexandria. Founded in 1945, Campagna Center offers educational and social development programs for children, teens and adults, and partners with schools, local governments, corporations and foundations to deliver programs throughout the greater Alexandria community.
The Center’s building dates from 1888 and houses support offices and meeting and educational spaces. “We are delighted to be working with Burke & Herbert Bank as we embark on the renovation of our headquarters,” remarked Dr. Tammy L. Mann, Campagna Center President & CEO. “The Bank team was such a pleasure to work with throughout the process; they have been extremely helpful and responsive. They answered all of our questions, and put together a financing package that fits our needs beautifully. The Bank’s loan enables Campagna Center to begin realizing our vision for a modern new working space and aids in our ability to advance our mission for decades to come.”
Relationship Manager Richard Irons and Head of Small Business Walter Clarke were instrumental in facilitating this deal for the Bank.
Bank Closes Deal with Open Industrial
Burke & Herbert Bank recently closed on a $10.5 million financing package supporting Open Industrial’s acquisition of Schaeffer Industrial Park, an 11 acre industrial park in Springfield, VA. This is the Bank’s second deal with Open Industrial in recent months. “This was an extremely complex deal with many moving parts. Burke & Herbert Bank stood by us throughout the process and addressed our financing needs quickly and diligently, during a time of extreme capital markets volatility” commented Blake Potolicchio, Managing Partner at Open Industrial. “We look forward to building on our partnership with Burke & Herbert Bank.” Relationship Manager Michael Solomon was instrumental in facilitating this deal.
Washington Property Company
Burke & Herbert Bank recently closed on a refinancing and upsizing of an existing loan for Washington Property Company (WPC) for Ballenger Creek Shopping Center, a 75,000 square foot retail center in Frederick, MD anchored by Urban Air Adventure Park. The new package, which totals $8.5 million, refinanced a prior loan and also provided cash out to the borrower. “We are very pleased with this new financing package” said Hugh Cole, VP of Finance at WPC. “Burke & Herbert Bank came through for us with a deal that fully met our needs.” RM Michael Solomon was instrumental in facilitating this deal.
Financing Package for Office Expansion and Real Estate Investment
Burke & Herbert Bank provided a package of $3.12 million in financing that has enabled a husband and wife team to fund a combination of new office expansion and real estate investment for dental practices. “We were looking for a bank who could finance all of our needs” remarked the customer. “With the loan package that Burke & Herbert Bank put together, I’ve been able to expand my practice into a larger office, my wife refinanced to a better loan for her practice, and we were able to acquire a promising investment property as well. Burke & Herbert Bank really came through for us. We’ve moved our whole banking relationship there.” Relationship Manager Brandon Whitacre was instrumental in facilitating this deal for Burke & Herbert Bank.
Minnick Industrial Park
Burke & Herbert Bank has provided $8.26 million in financing to fund Open Industrial’s acquisition of Minnick Industrial Park, located in Laurel, MD. The property is an 81,134 square foot multi-tenant warehouse park situated on 6.73 acres in Prince Georges County, directly on the border of Montgomery County, MD.
Based in Bethesda, Open Industrial is a real estate investment management company that focuses exclusively on Industrial Service Facility properties. “We are delighted with the financing package that Burke & Herbert Bank put together for us” commented Blake Potolicchio, Managing Parter at Open Industrial. “We also appreciated the extraordinary level of service the Bank provided, including taking our calls at all hours of the day. We look forward to a long and enjoyable partnership with Burke & Herbert Bank.” Minnick Industrial Park represents Burke & Herbert Bank’s first deal originated out of our new Bethesda, MD Commercial Real Estate Lending Office. Relationship Manager Michael Solomon was instrumental in facilitating this deal for Burke & Herbert Bank.
Central Virginia Horse Rescue
A $550,000 loan from Burke & Herbert Bank has enabled Central Virginia Horse Rescue (CVHR) to purchase their permanent home at Eagle Farm in Fredericksburg, VA. CVHR celebrated their move with a ribbon cutting on August 31, where the Bank and additional volunteers were recognized for making the move possible. “We are grateful to Burke & Herbert Bank for providing the necessary loan to purchase the farm and establish our permanent home in Fredericksburg,” commented Stacy Franklin, Program Director “We’re excited to continue to advance our mission of saving, protecting, and rehabilitating equines in need.” The Bank contributed to the celebration by making a donation to CVHR to help them advance their mission. Relationship Manager, Paul Covill, was instrumental in facilitating this loan for the Bank.
$13.16 Million Funds Refinancing of Storage Facility
Burke & Herbert Bank recently provided a $13.16 million loan to re-finance an 80,000 square foot self-storage facility in Chantilly, VA. Jeffrey M. Aleshire, Director of Commercial Real Estate and Arnold Blackmon, Relationship Manager, Commercial Real Estate Group, were instrumental in facilitating this deal for the Bank.
Hollin Meadows Tennis & Swim Club
Burke & Herbert Bank has provided $1 million in financing to Hollin Meadows Tennis & Swim Club, to fund the renovation and expansion of its pool facilities. The construction-to-permanent loan will enable the local club to begin work as soon as the current season closes, and open the newly renovated pool in May, 2023.
“We appreciate the work that Burke & Herbert Bank has done for us, including helping us with setting a budget and making the projections necessary to get the loan approved,” remarked Ryan Kennedy, Club President. “With this financing, we’ll be able to expand and deepen our main pool, as well as enlarge and improve the children’s area. The Club is a long-time Bank customer and we look forward to continuing to work together.” RM Paul Covill was instrumental in facilitating this deal for the Bank.
Capital Investment Advisors
Burke & Herbert Bank has provided $9.82 million in financing to opens in a new windowCapital Investment Advisors to fund acquisition, tenant improvements and capital expenditures on a 72,000 square foot industrial flex property in Lorton, Virginia. CIA co-founders Stephen Bannister and Rebecca Pelino own and manage a commercial real estate portfolio of over $500 million, and have turned to Burke & Herbert Bank for financing multiple times over the past 34 years.
“Rates today are very volatile, so when this opportunity arose, we wanted to act as quickly as possible to secure our financing and close the deal. Burke & Herbert Bank got it done for us, and we are delighted to work with them again.” remarked Stephen Bannister. Burke & Herbert Bank Senior Vice President Michael Solomon also commented that speed-to-market is a key to success in today’s fast-moving rate environment. “We pride ourselves on our agility to craft deals that are workable and timely, while also honoring the term sheets we provide to our clients.” Michael Solomon was instrumental in facilitating this deal for Burke & Herbert Bank.
Heritage Shores
Burke & Herbert Bank has provided $18 million in acquisition/bridge loan financing to an established Bank customer, to fund the acquisition of up to 65 single-family detached homes in Heritage Shores, a planned retirement community in Bridgeville, Delaware. The new financing package forms part of the borrower’s large scale Build-to-Rent program that will eventually create a portfolio of 200+ single family rental homes. Relationship Manager Tim Laskco was instrumental in facilitating this deal for the Bank.
Carver Apartments
Burke & Herbert Bank is providing $15 million in bridge loan financing to UIP, for UIP’s recently renovated Carver Apartments located at 211 Elm Street NW in Washington DC. Previously a Howard University student dorm, the property was redeveloped into new apartments under a 99 year ground lease with the University. As an established multi-family developer, owner and manager in the DC area, UIP specializes in value-added renovation of existing and older properties. “We have worked with Burke & Herbert Bank on several loans. We deal with a lot of different lenders and types of lenders, and we come back to Burke & Herbert Bank again and again because of the local connection and flexibility” remarked Peter Bonnell, UIP Principal. Relationship Manager Jim Harper was instrumental in facilitating this deal for Burke & Herbert Bank.
Shipvine, Inc.
Burke & Herbert Bank has provided $1.62 million in financing to Shipvine, Inc. a rapidly expanding e-commerce warehousing and fulfillment business located in the historic Manchester area of Richmond, VA. “This new financing enables Shipvine, Inc. to accommodate our ongoing growth by enlarging our physical capacity, consolidating some existing loans, and making leasehold improvements to a new facility. Burke & Herbert Bank has been great to work with, and we look forward to continuing our relationship”, commented Robert Clark, President.
Relationship Manager Ray Cilimberg and Commercial Banking Assistant Cary Doak were instrumental to facilitating this deal for Burke & Herbert Bank.
Ascend Physical Therapy and Wellness
Burke & Herbert Bank has provided financing to Ascend Physical Therapy and Wellness to fund the opening of a second office for the Vienna-based practice in Annandale, Virginia. The growing practice, a woman-owned small business which operated throughout the pandemic, has expanded significantly and needed additional space to serve its growing patient base. They expect to open the doors at their new facility in August.
“We really appreciate how Burke & Herbert Bank kept working with us, even when the first property we chose fell through,” commented Nancy McMahon, Ascend’s President. “Later, when interest rates began to rise, the Bank really came through for us by getting to closing quickly, and helping us secure a great deal at an even better location.” Rich Irons, Burke & Herbert Bank Relationship Manager, was instrumental to facilitating this deal for the Bank.
$8.85 Million in Financing to Annapolis Realty
Burke & Herbert Bank has provided $8.85 million in financing to Annapolis Realty, a residential real estate investment firm led by Timothy Hogan, to facilitate the construction of single-family residential properties in multiple locations within Anne Arundel County, Maryland and the City of Annapolis. “We plan to make great use of this revolving line for many years to come. Burke & Herbert Bank has been a pleasure to work with in all respects and we are excited to continue to grow the relationship.” Mr. Hogan said. Jeff Aleshire, Director of Commercial Real Estate, and CRE Relationship Manager Arnold Blackmon, were instrumental to facilitating this client opportunity for the Bank.
Bank Funds New Retail Construction in Bethesda
Burke & Herbert Bank has provided a $10.5 million loan package to Washington Property Company (WPC) for Bethesda Corner, a commercial retail center located at 7008 – 7036 Wisconsin Avenue in Bethesda, MD. The deal will finance several tenant improvements as well as new construction of a Class-A self-storage facility on the property. Michael Solomon and Jeff Aleshire were instrumental in facilitating this deal for Burke & Herbert Bank.
Bank Finances Four Retail Centers in Spotsylvania, VA
Burke & Herbert Bank has provided $8.38 million in financing to the Vakos Companies, to refinance four separate retail strip centers located in the Spotsylvania/ Fredericksburg, Virginia market. The properties are located in Spotsylvania’s Southpoint development, a large-scale mixed-use development featuring big-box anchors, restaurants, apartment homes, Class A office and a variety of retail establishments. The new deal allows the Company to consolidate loans for these properties from multiple banks to Burke & Herbert Bank.
Also for Mr. Vakos, Burke & Herbert Bank is financing the ground-up construction of a new Starbucks, located on Tidewater Trail, with construction set to begin in Fall of 2022. Jeff Rouse was instrumental in facilitating these deals for Burke & Herbert Bank.
Bank Funds Acquisition of Medical Office Building in Fredericksburg, VA
Burke & Herbert Bank provided $1.6 million in financing to Brighthouse Investments I, LLC, for the purchase of a medical office building. The 14,000 square foot building, located near Mary Washington Hospital in Fredericksburg, Virginia, houses a Veterans Administration clinic. Jeff Rouse was instrumental in facilitating this deals for Burke & Herbert Bank.
$2.65 Million Funds Refinancing of Retail Buildings
Burke & Herbert Bank recently provided a $2.65 million bridge loan to refinance adjacent retail buildings on H Street NE in Washington DC. The buildings currently house a fitness studio and a dog boarding business, while approval is being sought for higher density redevelopment of the property. Relationship Manager Jim Harper was instrumental in facilitating this deal for the Bank.
Anchor Homes
Burke & Herbert Bank recently provided $15 million in financing to Anchor Homes of Chantilly, VA. The new line of credit will support multiple residential infill construction projects in northern Virginia. Relationship Manager Jim Harper was instrumental in facilitating this deal for the Bank.
Bank Funding Supports Community Business in Loudoun County
Together with the Small Business Administration’s SBA 504 loan program, Burke & Herbert Bank recently provided $553,000 to finance the acquisition of a commercial warehouse condo in the Twisted Oaks Business Condominium complex located in Sterling, VA. The new owner will occupy the property to operate his auto repair business. Relationship Manager Marc Erazo was instrumental in facilitating this deal for the Bank.
Premier Cardiac and Vascular
Burke & Herbert Bank recently provided $560,000 in financing to Premier Cardiac and Vascular, a cardiology practice with locations in Fredericksburg, VA and Springfield, VA. The new financing enables the practice to move from a leased location to an owner-occupied 3,000 square foot facility in Springfield, allowing the practice to expand and continue serving their growing patient base in the Northern Virginia market. Relationship Manager Paul Covill played a lead role in facilitating this deal for the Bank.
Bank Funds $12 Million Purchase of Storage Facility
Burke & Herbert Bank provided $12 million in financing to an existing client for the purchase of a newly constructed 104,000 square foot, multi-story Class A self-storage facility in Fredericksburg, VA. Relationship Managers Jeff Aleshire and Arnold Blackmon were instrumental in facilitating this deal for the Bank.
Bank Wins $11 Million Deal
Burke & Herbert Bank recently provided $11 million in financing to a long-standing commercial client, which encompassed a $4 million working capital line of credit and a $7 million owner-occupied mortgage previously held by a competitor. The favorable rate and terms on the new financing package offered by Burke & Herbert Bank were key to winning this business, even though the client incurred a prepayment penalty on the previous mortgage. Brandon Whitacre played a lead role in facilitating this win for Burke & Herbert Bank.
$7 Million Funds Refinancing of Warehouse Facility
Burke & Herbert Bank recently funded the refinancing of a Class A LEED Silver certified warehouse facility for a long-standing commercial client. The 119,000 square foot facility stands at 17001 Interstate Drive in Dumfries, VA and is currently occupied by the Marine Corps Museum. Michael Solomon played a lead role in facilitating this transaction.
$4.6 Million Funds Purchase of Commercial Parcels
Burke & Herbert Bank recently financed the acquisition of two commercial parcels by a local LLC. A $2.8 million loan financed the purchase of a parcel in Herndon, VA that is currently occupied by an Outback Steakhouse. A $1.8 million commercial loan funded the purchase of a parcel in New Market, MD that is currently occupied by a Popeye’s. Relationship Manager Tim Laskco played a lead role in closing both deals.
Fullerton Square
Burke & Herbert Bank recently provided $18.755 million in funding to Fullerton AIP, LLC to finance acquisition and improvements on two industrial/flex buildings at 7400 and 7420 Fullerton Road in Springfield, VA. The properties represent 180,000 square feet of industrial/flex space and sit on 13.77 acres of land. Current tenants include MVLE Inc., L&E Systems, Inc., and General Dynamics. Michael Solomon played a lead role in facilitating this transaction.
Waterfront Station II
The Bank recently closed on a $13 million participating interest in a $141 million construction loan facility led by Merchants Bank of Indiana. This is the Bank’s first participation with Merchants Bancorp, a $9.7B bank holding company.
Waterfront Station II is a 419,000 SF mixed use project consisting of 449 apartments, retail and parking, located at 1000 4th Street SW in Washington DC, near the DC Wharf and Nationals Park. The project includes 136 affordable apartment units, and part of the project funding includes proceeds from the sale of both 4% and 9% Low Income Housing Tax Credits. Commercial Relationship Manager Tim Lascko from the Bank’s Commercial Real Estate Lending team played a lead role at the Bank in facilitating this lending transaction.
Kenmore Inn
The owner of downtown Fredericksburg’s landmark Kenmore Inn recently refinanced the historic property with a new loan from Burke & Herbert Bank. The $1.5 million financing package will also permit the renovation of an adjacent historical residence at 307 Lewis Street, the former home of Jane Beale, who documented her civil war experiences while living there. Paul Covill from the Bank’s Commercial Lending team in Fredericksburg played the lead role in crafting this commercial loan package.
Weissberg Investment Corp.
Burke & Herbert Bank recently provided a total of $25M in commercial financing to Weissberg Investment Corp. to support Weissberg’s acquisition of two local properties. The Bank provided $18.5M to support Weissberg’s acquisition of The Hudson in Richmond, VA, a 225-unit multi-family property located in Richmond’s Manchester neighborhood. Another $6.5M in financing enabled Weissberg to acquire 80 West, an office asset located in downtown Annapolis currently being leased by the Maryland Department of Human Services.
These transactions, which were led by commercial bankers Michael Solomon and Jeffrey Aleshire of the Bank’s commercial real estate lending team, are examples of Burke & Herbert Bank’s commitment to crafting custom lending solutions for clients across the Maryland-DC-Virginia metropolitan region.
