NorthMarq Capital arranges $4.2 million refinance of Southland Village Shopping Center in Troy, Alabama

ATLANTA (April 8, 2015) – Will James, vice president of NorthMarq Capital’s Atlanta office secured the $4.2 million refinance of Southland Village Shopping Center, a 104,500 sq.ft. retail property located at 100 Southland Drive in the third tier market of Troy, Alabama. The transaction, which will be serviced by NorthMarq, was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower, Sharp Southland Village, LLC through its relationship to a conduit CMBS lender. Major tenants include Tractor Supply, Dollar General, Rite Aid and Farmers Furniture. “The borrower repositioned the asset during the downturn between 2008 and 2011 with several credit tenants and long term leases which speaks highly of the location and surrounding demographics in this tertiary market,” said James. “The possibility of future value creation is likely given some of these tenants located to the center during the downturn at below market rents. The Starwood Mortgage Capital process and closing were very good and we would highly recommend SMC again in the future.”