Our Latest Commercial Loan Deals
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.
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.
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.
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.