Potomac Place Shopping Center, a longtime grocery-anchored retail center in Potomac, has secured $50.75 million in permanent fixed-rate financing, according to Northmarq.
The 80,040 SF shopping center is located at 10100 River Rd., near the intersection of River Road and Falls Road. Northmarq’s Washington, DC Debt + Equity team, led by Jason Smith and Kenneth Gentzel, arranged the financing on behalf of the borrower, Zuckerman Gravely, through Nationwide Life Insurance Company. The financing carries a seven-year term and will be used to refinance existing debt on the property.
Originally constructed in 1967, Potomac Place has served as a neighborhood shopping destination for nearly 60 years. The center is anchored by Safeway and features a mix of national and locally owned restaurants, retailers and service businesses…