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Bethesda, Md. – Sept. 4, 2014 – Walker & Dunlop, Inc. announced today that it has arranged $33,500,000 in permanent debt for the refinance of Miller & Rhoads, the adaptive rehabilitation of the historic Miller & Rhoads department store in Richmond, Va.
The rehabilitated development is next to the Richmond Convention Center and features 133 residential units, a luxury 250-room Hilton Garden Inn, and over 20,000 square feet of retail space.
Bethesda-based Senior Vice President Andrew Coleman and New Orleans-based Managing Director Stephen Farnsworth led the team that structured the seven-year fixed-rate loan with two years' interest only for HRI Properties, LLC.
The sponsor plans to complete an $8.8 million product improvement plan by the end of 2015 to convert the hotel to a full-service Hilton. This will allow the facility to gain meeting space, attract more large-scale events, and compete with other local full-service hotel flags.
Originally built between 1888 and 1909 as a one-room store, Miller & Rhoads subsequently expanded to an eight-story building on an entire city block. With many of its original architectural features preserved, the award-winning development is considered a significant historic structure in the Grace Street Commercial Historic District.
“It was a pleasure to work with HRI Properties on the refinance of Miller & Rhoads and we look forward to working with them again," Farnsworth said.
"Walker & Dunlop’s national presence and comprehensive suite of capital sources complements HRI Properties’ dedication to urban renewal, as a leader in the adaptive reuse of historic structures in cities nationwide. This multi-use development is a great asset to the city of Richmond and embodies the vibrant community and appreciation for history that is characteristic of the commonwealth’s capital.”
Coleman added, “Millers & Rhoads is a unique development that deserved a tailored loan structure. After learning about the property and HRI Properties’ business goals, we were able to structure a refinance loan through a long-standing relationship that met the needs of the property and the borrower. We were also able to accommodate their request for a quick closing, closing just 35 days after application. Every element of this development is special and we are proud to have arranged financing for such a historically significant project.”