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Burton Property Group And Peaceable Street Capital Close $123M Recapitalization Of Alabama Shopping Center Portfolio
FINANCED
$123,000,000
Alabama
See Similar DealsRetail3,140,000 SF
Financed
FINANCED
Burton Property Group And Peaceable Street Capital Close $123M Recapitalization Of Alabama Shopping Center Portfolio
2550 Mckenzie Street, 2140 S. Mc Kenzie St., Foley, Al 36535, 2140 Mckenzie Street & 7765 Airport Blvd., Mobile, Al 36608
See Similar DealsRetail3,140,000 SF
Financed
Summary
ALABAMA
Asset Type:Retail
Price Per Square Foot:$39
Total Square Footage:3140000 SF
Transaction Type:Loan
A recapitalization loan of $123,000,000 was secured for a four-property shopping center portfolio in Foley, Alabama, comprising a total square footage of 785,000. The properties are situated at 2550 McKenzie Street, 2140 S. McKenzie St., Foley, AL, 6850 U.S. Highway 90, and 7765 Airport Blvd., within the Foley, Daphne & Mobile, AL market. The portfolio is reported to be 98% leased.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $123,000,000
- Loan Type: Recapitalization
- Landlord: Burton Property Group & Peaceable Street Capital
- Brokers: Jim Hamilton, Brad Buchanan & Andrew Michols - JLL
The transaction was facilitated by Burton Property Group and Peaceable Street Capital, who were instrumental in closing the recapitalization deal with the associated brokers from JLL, including Jim Hamilton, Brad Buchanan, and Andrew Michols.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$123,000,000.00
Monthly NOI$820,000.00
Monthly Debt Service$777,443.67
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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