Cohen Financial, a division of SunTrust Bank and a national real estate capital services firm, announced today that Dan Rosenberg, Managing Director, and Matt Terpstra, Vice President in the Chicago office, secured $11.3 million with Rialto Mortgage Finance for the acquisition of Wellington Park Shopping Center. The 102,487 square foot retail center is located in Cary, North Carolina at the intersection of Tryon Road and SE Cary Parkway, a high traffic thoroughfare in the Research Triangle. Wellington Park is anchored by Lowes Foods.
Cohen Financial arranged a 10-year term loan to facilitate the acquisition. The borrower is a Florida-based retail investor. The loan closed on February 28.
“This retail property with long-term leases is well positioned along two major roads and benefits from direct entry from the Wellington Park neighborhood, which is home to more than 500 residents,” said Rosenberg.
Cary is located 15 minutes from Raleigh, North Carolina, the state capital. Wellington Park Shopping Center is located in an area that features excellent demographics with growing numbers of permanent residents within a five-mile radius and an increasing average annual household income level.
About Cohen Financial
As part of its acquisition by SunTrust Bank, a subsidiary of SunTrust Banks, Inc. (NYSE: STI), Cohen Financial has joined the SunTrust Commercial Real Estate (CRE) line of business, which is part of SunTrust’s Wholesale Banking Segment. Cohen Financial provides access to capital markets debt placements and consulting services for financial institutions, commercial real estate developers and investors. Also well recognized as one of the nation's leading loan servicers and special servicers, Cohen Financial provides third-party rated, primary and special loan servicing, loan administration and advisory services. Cohen Financial serves clients throughout the U.S. from offices in six major markets.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of December 31, 2018, SunTrust had total assets of $216 billion and total deposits of $163 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
