Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL and to read more on the debt and equity markets, click here.)

ATLANTA-A 26-property portfolio of convenience stores has received $30.84 million in financing. The loan was for a refinancing of the properties, which are all approximately five years old.

The borrower, a Georgia-based investor, received the loan at a fixed rate of 6.875% for a 20-year term with a 25-year amortization. The Woodlands-based iCap Realty Advisors arranged the loan with a capitals markets source. iCap Realty Advisors associate Bill Mitchell tells GlobeSt.com the properties are gas-station anchored convenience stores, all located in Georgia and owned by a single investor.

“They were using several different banks and were paying higher rates, 8% or 8.5%,” Mitchell says. “So the refinancing was for much more favorable terms.”

The transaction was complicated because there were so many banks and properties involved. “Some of the properties had some retail with them, such as a Subway shop,” Mitchell says. “There was just a lot of due diligence with this transaction.”

ICap Realty Advisors is a national mortgage banking and investment sales firm. The company closed 350 loans totaling $3 billion with an average loan size of $8.4 million in 2005.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.