Northmarq’s Cincinnati office secures $5.445 million acquisition loan for two grocery-anchored shopping centers

CINCINNATI (April 16, 2024) — Noah Juran of Northmarq’s Cincinnati office has secured $5.445 million total in acquisition financing for Whitesburg Plaza and Sylvester Plaza. These two retail assets are well-located, grocery-anchored regional shopping centers located in smaller towns in Kentucky and Georgia.

Juran arranged the financing for a repeat borrower through Northmarq’s relationship with a life insurance company. The lender provided very competitive terms and was comfortable lending in smaller markets due to the existing relationship with the borrower and Northmarq. The loans were structured on fully amortizing 25-year loan terms, with a competitive fixed interest rate for the initial 5 to 10 years.

“The borrower was in a 1031 exchange from the sale of a previously owned asset, and identified these two regional, grocery-anchored centers to satisfy their exchange,” said Juran. “The repeat borrower-lender relationship and familiar loan execution was extremely important for these transactions. The lender provided very competitive terms and the borrower was comfortable the loans would be approved as planned and closed in a timely fashion, so as not to jeopardize their 1031 exchange.”

The centers are both 100% occupied. They feature a combined net rentable area of 180,402 sq. ft. and host several national and regional retailers, including Piggly Wiggly, Ace Hardware, O'Reilly Auto Parts, Walmart, H&R Block, Little Caesars and AutoZone.

Image