NAS Secures Refinancing for TN Shopping Center
- Jan 30, 2018
National Asset Services (NAS) has secured a refinancing loan and restructured the ownership of River Place, a 155,093-square-foot shopping center in eastern Tennessee. The 22 tenant-in-common owners of the property were consolidated into a single legal entity, SCI River Place Fund 14 LLC. The owners acquired the asset through a 1031 tax-deferred exchange in 2007 for $19.5 million, according to public records.
Located at 655 Parkway in Sevierville, Tenn., the open-air shopping center consists of four connected buildings, faces U.S. Highway 441 and is situated in a busy retail corridor located 25 miles east of Knoxville. Built in 1983, the property was renovated in 2004 and 2007. With a variety of regional and national tenants in place, including Belk, T.J. Maxx, Dollar Tree, Maurices and Gamestop, the shopping center is more than 95 percent occupied. NAS began handling property management responsibilities for the owner in 2016.
“Our ability to sustain high tenant occupancy, while leveraging our strong industry relationships, made the possibility of refinancing in a challenging debt market for retail property a reality,” said Karen Kennedy, president & founder of NAS, in a prepared statement. “The option to refinance, while still retaining the original 1031 exchange tax advantages for our clients, was the very best possible outcome for our clients facing loan maturity at River Place.”
Last year in Nashville, Bloomfield Capital provided a $3.2 million refinancing package for a 30,000-square-foot retail center, which included additional capital to renovate the asset.
Image courtesy of National Asset Services