BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured financing for Morganton Park South Phase II and Freedom Plaza, two retail centers in Southern Pines, North Carolina, and Rome, New York, respectively.
Daniel Rosenberg, executive vice president in BWE’s Chicago and South Florida offices, and Logan Petersmeyer, senior analyst in the Chicago office, originated the $24,250,000 construction loan for Morganton Park South Phase II on behalf of Midland Atlantic Properties, a firm specializing in retail real estate. Alan Tapie, executive vice president in BWE’s Atlanta office, originated the $8,027,000 acquisition loan for Freedom Plaza on behalf of Octave Investment, a retail owner, investor, developer, and operator.
“In this economic environment, retail investors need certainty of execution and the ability to close quickly to get deals done. For these deals, we leveraged our deep lending relationships to ensure our clients had access to capital sources that could structure financing in the way that made the most sense for their work,” said Rosenberg. “Freedom Plaza and Morganton Park South Phase II demonstrate BWE’s commitment to advising and serving our clients through every part of the financing lifecycle so that their business plans can flourish.”
Located in one of North Carolina’s fastest growing counties and just down the road from the world-renowned Pinehurst Golf Resort, Morganton Park South Phase II is the second part of Midland Atlantic Properties’ Morganton Park South retail development. Phase I is anchored by Target, Dick’s Sporting Goods, Golf Galaxy, and HomeGoods. Phase II is fully pre-leased and will be home to the area’s first BJs Wholesale Club. The interest-only construction loan has a fixed-rate and features an 80%+ loan-to-cost ratio, which BWE was able to secure due to the strong preleasing at the property.
Freedom Plaza is strategically located in the heart of Rome’s commercial and retail corridor. Containing 197,397 square feet of leasable area, Freedom Plaza is home to a wide array of major national and regional brands, including Grand Union, Dollar Tree, Domino’s, and Marshalls, with a Hobby Lobby expected to open in the coming months. The five-year, fixed-rate acquisition loan had an initial interest only period and was structured in a way that allowed Octave Investment to execute their acquisition as re-tenanting was underway.