Bellwether Enterprise Secures $24.3M Construction Loan For Morganton Park South, Southern Pines
E Morganton Rd
$24,300,000
Building Size
—
Asset Type
Retail
Closing
Feb 27, 2024
AI
Morganton Park South in Southern Pines, NC, is set to host the area's inaugural BJs Wholesale Club near the Pinehurst Golf Resort. The retail development secured a $24.3 million construction loan for Phase II on E Morganton Rd.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $24,300,000
- Address: E Morganton Rd
- Market: Southern Pines, NC
- Landlord: John Silverman - Midland Atlantic Properties
- Brokers: Daniel Rosenber & Logan Petersmeyer - Bellwether Enterprise Real Estate Capital (BWE)
- Loan Type: Construction
Bellwether Enterprise Real Estate Capital (BWE) successfully secured the construction loan for Phase II of Morganton Park South. The landlords, John Silverman representing Midland Atlantic Properties, and the brokers, Daniel Rosenber & Logan Petersmeyer from BWE, played crucial roles in finalizing the deal.
Players
Southern Pines Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.65%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93