Dewberry, a former Georgia Tech university quarterback and his brother Douglas founded Dewberry Capital Corp. in 1989. Their $25 million redevelopment of the enclosed property and an adjacent Publix Supermarkets tract began in January 1997.
They converted the properties into a single, open-air center. The anchors at the 96.8%-leased, 40-tenant center are Publix, Belk's and Stein Mart. The quoted average rent range is $18 per sf to $20 per sf. New space is $20 per sf.
ICap Realty Advisors of Atlanta arranged the loan through Atlanta-based Column Financial Inc. The loan has an 80% to value leverage; a 7% interest rate; and a 30-year amortization schedule.
"The rate was locked 60 days in advance of funding," Alfred I. Means III, a principal at iCap, says in a prepared statement.
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