Avison Young Arranges $5M Refi for GA Retail Property
- May 10, 2019
Avison Young has secured a $4.9 million, seven-year loan from National Cooperative Bank for the 72,314-square-foot Uptown Square in Fayetteville, Ga. The financing features a 30-year amortization schedule and a 4.68 percent interest rate. Principal George Vail worked on behalf of the owner, SunCap Opportunity Fund. The refinance will be used to retire an existing $4.2 million acquisition loan from AloStar Bank of Commerce, per Fayette County records.
Located at 1415 Highway 85 N., the fully-leased asset was completed in 1999 on an 8.6-acre site and is anchored by Goodwill and Harbor Freight. Other tenants include Sprint, The UPS Store and Republic Finance. The property is adjacent to Fayette Pavilion, a 1.5 million-square-foot retail center with a tenant roster that includes Home Depot, Target, Walmart, Kohl’s and a Cinemark Theater.
Situated in Fayetteville’s dominant retail and commercial corridor, Uptown Square has access to 4.3 million square feet of retail, 1.3 million square feet of industrial, 1.2 million square feet of office and more than 1,400 multifamily units, all within a three-mile radius.
Recently, a partnership between Singerman Real Estate and The Outlet Resource Group acquired four retail centers for $131 million. Avison Young was selected as property manager for the multi-state portfolio.
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