X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the debt and equity markets.)

[IMGCAP(1)]HUNTSVILLE, AL-A 118,500-sf grocery-anchored shopping center has earned $19.8 million of first mortgage financing as the finishing touch for a two-year redevelopment play at the “main and main” crossroads in an affluent part of the city. The 75% loan-to-value financing has a 10-year term and fixed-rate interest of roughly 6%.

The Village of Whitesburg, situated at 4800 Whitesburg Dr., has been overhauled inside and out during the past two years by Chase Group Partners, which developed the center 20 years ago, sold it and bought it back just as a 44,000-sf Winn-Dixie grocery was about to close, Randolph Wolfe, senior vice president and director of NorthMarq Capital Inc.’s regional office in Atlanta, tells GlobeSt.com. “It’s like a new center,” he adds.

[IMGCAP(2)]Wolfe says Chase Group, a developer with offices locally and in Birmingham, has occupancy up to 93%, with a 22,000-sf Fresh Market as the anchor. The balance of the Winn-Dixie space was divvied into boutique-size shops. He says the Greensboro, NC-based Fresh Market chain inked a 15-year lease for the project. Others like Bonefish Grill, Panera Bread Co. and AT&T are on 10-year leases.

The Village of Whitesburg sits at the crossroads of Airport Road and Whitesburg Drive, the city’s third busiest intersection, according to the owner’s marketing flyer. The NAI Chase Commercial leasing team is quoting $25 per sf for the asset’s three openings.

Wolfe says the new capital from New York City-based Citigroup replaced a bridge loan at a higher interest rate that was used to acquire and redevelop the retail prize. From application to close, the new loan took about 90 days because it was caught midway in the process by the credit crunch. “We had good interest on it, but when the credit crunch hit, it removed all the conduits,” Wolfe explains. “We had to maneuver and find the right home for it.”

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?

GlobeSt

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

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