Elmsford, NY – DLC, one of the nation’s largest owners, operators, and managers of retail real estate, announced today the successful refinancing of Eastover Shopping Center in Oxon Hill, MD. The refinancing resulted in a multimillion-dollar cash-out, repatriating significant capital to investors and strengthening DLC’s growing relationship with WesBanco, a repeat lender.
DLC has been successfully transforming Eastover since acquiring it in 2006. Through leasing and redevelopment, attracting numerous national tenants such as Advance Auto Parts, CVS, Dollar Tree, Foot Locker, and Planet Fitness, among others, DLC has more than doubled the center’s net operating income (NOI), highlighting its successful value creation efforts.
“Completing this refinancing with WesBanco in the face of the recent volatility in the banking world is a testament to the stability of this investment and DLC’s deep relationships within the capital markets,” said Adam Ifshin, DLC CEO and founder. “Our team has worked tirelessly to add high-quality retailers to the center and create value for our tenants, the community, and our investors. This refinancing reflects the strength of our relationship with WesBanco and the success we’ve had at Eastover.”
DLC is a company driven by a strong culture and entrepreneurial foundation. It has grown to be one of the nation’s largest and most sought-after privately held owners, operators, and managers of open-air retail shopping centers. DLC has expertise in acquisitions, new developments, redevelopments, leasing, and management.