iBorrow has provided a $6.85 million 1st trust deed loan to Peachtree Corners Shopping Center, a 108,000 square foot shopping center in Norcross, GA. The shopping center has a diverse and long-standing group of tenants including Popeye’s, Waffle House, Family Dollar and other local retailers. The center is 90.5% occupied, and has maintained consistently high occupancy levels since it was built in 1985. The address is 7040-7050 Jimmy Carter Blvd.
“Despite the attractiveness of this loan and collateral, we were challenged to create a loan with a flexible structure and on a short time frame,” said iBorrow CEO Brian Good. “We are pleased we were able to address the borrower’s needs and at the same time, build in important structural protections for our loan capital. Needless to say, the retail environment is challenging and loans to retail buildings must be carefully considered. In this case, our comfort is based on the growth and demand drivers of the community and the structural protections we built into our loan.”
Norcross is a busy and growing commercial hub 20 miles northeast of downtown Atlanta that is easily accessible from multiple freeways. Peachtree Corners is a commercial district with an economically diverse and growing population, due to corporations headquartered in Atlanta that drive spill-over population growth to Norcross. The Norcross Shopping Center is well located, and benefits from significant frontage on Jimmy Carter Boulevard, a major thoroughfare.