Cohen Financial, a division of SunTrust now Truist and a national real estate capital services firm, announced today that Dan Rosenberg, Managing Director, and Matt Terpstra, Vice President in the Chicago office, sourced a $45 million refinance loan for a portfolio of six retail properties located across the Southeast and Midwest. The retail portfolio consists of a total of 552,143 square feet and more than 80 tenants across the portfolio. Five of the six properties are grocery anchored. All retail properties are well occupied.
Cohen Financial secured a fixed-rate, 10-year term loan with Goldman Sachs. The sponsor is Midland Atlantic Properties, a full-service commercial real estate firm with offices in Cincinnati, Ohio and Indianapolis, Indiana. The transaction closed on December 26.
The five grocery anchored properties in the portfolio are: Parkside Square, a 150,344 square foot Rouses Markets anchored property located in Ocean Springs, Mississippi two miles east of Biloxi; Maysville Marketsquare, a 144,945 square foot Kroger anchored property located in Maysville, Kentucky 66 miles northeast of Lexington; Pinecrest Pointe, an 89,224 square foot Food Lion anchored property located in Raleigh, North Carolina; Valleydale Marketplace, a 67,853 square foot Walmart Neighborhood Market anchored property located in Birmingham, Alabama; Heritage Plaza, a 24,600 square foot Kroger anchored property located in Cincinnati, Ohio. The portfolio also includes Putnam Plaza, a 75,177 square foot Tractor Supply Company anchored retail property located in Greencastle, Indiana approximately 48 miles southwest of Indianapolis.
“The portfolio consists of well positioned grocery anchored properties with very diversified service tenant rosters. CRE investors realize that grocery anchored properties are one of the steadiest asset classes in the retail market today,” said Rosenberg.
About Cohen Financial
As part of its acquisition by SunTrust now Truist, Cohen Financial has joined the SunTrust Commercial Real Estate (CRE) line of business, which is part of Truist’s Corporate & Institutional Group. 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 Truist
Truist Financial Corporation (NYSE: TFC) is a purpose-driven company dedicated to building a better future for its clients, teammates and communities. With 275 years of combined BB&T and SunTrust history, Truist is one of the nation’s largest financial services holding companies offering a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending and wealth management. Headquartered in Charlotte, North Carolina, Truist serves approximately 10 million households with leading market share in many high-growth markets in the country. Learn more at Truist.com.
