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Essential Growth Properties Secures $14M to Purchase Kroger-Anchored Center in Riverdale
Essential Growth Properties has secured $13.5 million in acquisition financing for Merchants Square, a Kroger-anchored property in Riverdale, GA.
Sunny Sajnani of IPA Capital Markets in conjunction with Duke Dennis of Marcus & Millichap Capital Corporation placed a five-year, 65% levered, non-recourse financing. The Merchants Square financing was secured with a fixed rate and an 18-month interest- only period.
“IPA has been able to secure very attractive bank financing terms for EGP even in this turbulent credit cycle,” said Sajnani. “These financings continue to illustrate that grocery-anchored retail continues to be a favored product type even in a rising interest rate environment.”
Cincinnati, OH-based Essential Growth Properties has partnered with IPA Capital Markets on eight deals in 2022. Its investment strategy is focused on acquiring stabilized assets with opportunities to create value via lease restructuring and tenant merchandising.
- ◦Sale/Acquisition
- ◦Financing
