NorthMarq’s Cincinnati office arranges acquisition financing of $2.3 million for Hamilton Mill Crossings in Buford, Georgia

CINCINNATI, OHIO (November 12, 2020) – Noah Juran, senior vice president/managing director of NorthMarq’s Cincinnati office, secured acquisition financing of $2.3 million for Hamilton Mill Crossings. The 11,722 sq. ft. retail property is located at 3265 Sardis Church Road in Buford, Georgia. The transaction was structured with a 15-year term on a 25-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through its correspondent relationship with a life insurance company. 

The subject was constructed in 2008 and is located approximately 40 miles NE of downtown Atlanta, approximately 10 miles North of the I-985 / I-85 interchange, and less than one mile North of I-85. Starbucks opened a drive-thru store at the subject property in February 2019 and directed traffic to the store early on in the COVID pandemic.

The immediate area, within five miles of the subject (“area”), encompasses approximately 120,000 people totaling 37,000 households and is growing at a positive rate. This radius includes approximately 3,745 business in a wide range of business types and the average household income is $116,905. The geographic location of the Subject is less than one mile from Gander RV & Outdoors of Atlanta, ALDI, Wendy’s, The Home Depot, Publix Super Market, Kohls, and only within 0.5 miles from a Walmart Supercenter, Chick-fil-A, Dollar Tree, Chili’s, and Taco Bell. The close proximity of this location to these major retailers is evidentiary of the strong location for retailers.

“The lending market for retail properties is very difficult right now as most lenders and Borrowers of retail assets are still feeling the impact from COVID. On this deal, our client was in a 1031 exchange and preferred a long-term fixed rate loan,” said Juran. “Even though many of our life insurance company relationship lenders have slowed down or even stopped lending on retail properties, we sourced multiple life company quotes and executed for our client on a tight closing deadline.”