Red Oak closed this $9,650,000 retail shopping center cash out bridge loan for 8.50% on a 24-month term. The Class B, multi-tenant retail center sits on nearly seven acres and contains a total of 56,921 square feet in two, one-story buildings. Located in a premier community of Metro Atlanta, this represented an opportunity to deliver key funding to a sponsor seeking to freshen up the asset to appeal to an affluent Roswell customer base. The loan will provide resources to execute a strategic capital improvement program and further stabilize the property through lease up.
Village Festival Shopping Center will introduce a wide array of shopping, dining, and event options at a property that caters to family and working professionals. Planned renovations are expected to bring vibrant energy to the center, as well as the surrounding communities.
The property benefits from high traffic counts, excellent visibility and access to thoroughfares, interstates, and public transportation.
