Recent News
FOR IMMEDIATE RELEASE
August 27, 2009
FAISON AND ATAPCO PURCHASE LAND FOR CLEMSON CORNER SHOPPING CENTER IN FREDERICK, MD
Bethesda, MD – On August 14, 2009 the Clemson Corner, LLC, a joint venture between Faison-Clemson, LLC and Atapco Clemson, LLC, completed funding arrangements and closed on the purchase of 37 acres of land in Frederick, Maryland to develop Clemson Corner Shopping Center. The partnership secured an initial loan through PNC Real Estate Finance in the amount of $6.5 million which provided for acquisition of the real estate and which will fund the initial development costs of the project. The $6.5 million facility will convert into a full construction loan of $29.5 million.
Clemson Corner comprises approximately 380,000 square feet of retail space located at the intersection of US Route 15 and Maryland Routes 26 and 355 on the north side of the City of Frederick. Faison spent nearly five years in the entitlement process annexing the property into the City of Frederick from Frederick County. This was the first annexation to the City in nearly 10 years. Shopping center anchor deals include Wegmans, Lowes, and Marshalls, in addition to a free-standing Wachovia full-service bank. An opening date of Spring 2011 is planned for the center.
PNC Real Estate Finance loans are provided by PNC Bank, National Association, PNC Bank, Delaware and by National City Bank, members of The PNC Financial Services Group, Inc.
Atapco Properties is a wholly owned subsidiary of American Trading and Production Corporation, which was originally formed in 1931 to consolidate, expand and diversify the business activities of the Blaustein family, the founders of the American Oil Company (AMOCO).
Faison Enterprises, Inc. is a privately-held development company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 45 years in the business and holdings of approximately $1 billion, the Charlotte NC based company manages and develops properties throughout the South and Mid-Atlantic and maintains regional offices in Bethesda MD, Charlotte NC, and Atlanta GA. For more information please visit www.faison.com.
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