Small Town Retail Shopping Center Purchase

[Karen Schimpf]

$2,190,500 Retail Shopping Center Purchase.....

Location: Fairburn, GA

Type - This purchase was shunned by most of the regional and national players because the population of this city is only 12,000. It was on the south side of Atlanta, south of the airport. This is typically considered less desirable than the north side. Local banks were shying away because the borrower was from another state, (more on that below). But this 100% leased shopping center was in a great area of town-the area with the most activity. It was well positioned and had a good tenant mix although mostly local. I found a credit union to take the time to drive the property and the area. They decided to do the loan at 75% LTV. The borrower got long term fixed rates in the 4's. They were very happy!