Marietta Trade Center

Transaction Details

Marietta Trade Center is a Wal-Mart anchored retail center in Marietta, Georgia. The property features a freestanding Wal-Mart building, two L-Shaped in-line retail buildings with 32 suites, one out-parcel building containing four suites, and junior anchor tenants including Dollar Tree. The total gross leasable area is 320,146 square feet. The tenant base is well diversified with national, regional, and local tenants. Sam's Club is located on an adjacent parcel and serves as a shadow anchor for the property.

The Proposition

Essex's private capital client acquired Marietta Trade Center in 2012 and assumed a 10-year, interest only CMBS loan. The client's loan was due to mature in May 2017, and was interest in refinancing the property with a long-term, non-recourse loan with maximum proceeds.

Our Solution

Mike Jeffries of Essex Financial Group arranged $25,000,000 in loan proceeds, equal to nearly 70% of the property's current market value. The lender was one of Essex's active life insurance companies, which provided the client with two years of interest only and a competitive interest rate that is fixed for ten years. Essex closed the loan in less than 60 days and met the client's loan maturity deadline.