Prince George’s County Westphalia development, one of the larger planned communities in Greater Washington, remains viable, its management says, though it realized no revenue from contracts throughout 2021.
The Westphalia Development Corp., an affiliate of Calgary, Alberta-based Walton Global Holdings Ltd., owns 310 acres in Upper Marlboro, just northwest of Joint Base Andrews. Its experience has been something of a saga over the years, with part of its property going to homebuilders, another part almost but not quite going to Amazon.com Inc. for a fulfillment center, an unrealized retail-centered Plan B, and the company flirting with default in 2017.
The corporation didn’t sell any lots last year and realized no revenue in Q4 2021, according to a quarterly report published last week. It also renegotiated debt with lender WWMN LLC and has begun seeking “an additional short-term loan.” That shouldn’t raise any alarms, as the company isn’t in dire financial straits, David Peter, an executive vice president at Walton, told the Washington Business Journal Tuesday.
The corporation doesn’t sell real estate on a regular basis, he said. Even though no transactions were realized last year, two “significant” deals are pending, he said, with expectations of closing this year and next, though he didn’t expound.
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