ColumbiaNational Real Estate Finance, LLC arranges $15,000,000 Acquisition Loan
Baltimore, MD (December 7, 2022) – ColumbiaNational Real Estate Finance, LLC, a leading commercial real estate mortgage banking firm, has recently closed a loan to facilitate the purchase of The Sea Turtle Market Place located on Hilton Head Island, South Carolina.
Kevin Tehan, Managing Director & Principal, placed the fixed rate loan with a correspondent life insurance company. The loan was structured with one tranche that provided significant proceeds for acquisition of the property and another tranche that will provide additional proceeds for further development and leasing at the site.
The Sea Turtle Market Place is anchored by PetsMart and West Marine, and is centrally located on Hilton Head Island off William Hilton Parkway. The property has 99,580 square feet of GLA and includes a 2.81 acre parcel that is available for development.
“We worked with the lender, in a difficult financing environment, to execute a solution for the borrower that will enhance their deal returns and also lower their investment risk profile in today’s interest rate environment by providing a fixed-rate acquisition loan and a fixed rate future funding facility,” said Kevin Tehan.
“This was another great execution by Kevin and the team at ColumbiaNational. The acquisition required creativity to meet the seller’s timeframe, and ColumbiaNational sourced a deal structure from a repeat lender for our Company that gave our team confidence in our ability to close and redevelop the project,” said Eric Walter, President of Greenberg Gibbons.
The buyer, Greenberg Gibbons, is one of the East Coast’s premier developers, investors, and owners of mixed-use, retail, and flex properties. The center was purchased through the Greenberg Gibbons Real Estate Income Fund and was the fund’s fifth acquisition, and the company’s third property in South Carolina.
ColumbiaNational Real Estate Finance, LLC maintains origination offices in Washington, DC and Baltimore, Maryland. The loan servicing and asset management functions for the $6 billion commercial mortgage loan portfolio are performed in the Columbia, Maryland office. Since 1939, ColumbiaNational has provided competitive debt and equity solutions to owners of institutional quality commercial real estate.