Big V Property Group has successfully secured $125 million in cash-out refinancing for The Avenue Murfreesboro, a popular 846,467-square-foot lifestyle retail center located in Murfreesboro, Tennessee. Led by Chris Drew of JLL Retail Capital Markets Debt Advisory team, the five-year balance sheet financing was secured with expertise and precision.
According to Commercial Edge reports, Big V acquired this asset from Hines in 2020 for $136.4 million and received a $90 million acquisition loan from Beal Bank. This impressive retail center comprises of eleven buildings situated on an expansive 85.6-acre site.
With top-notch tenants such as H&M, Belk,Barnes & Noble,Haverty’s Furniture , Old Navy,Dick’s Sporting Goods,Best Buy,and Burlington anchoring the open-air shopping destination,the property boasts an impressive occupancy rate of 93.1% at the time of sale.
The article “Nashville-Area Retail Center Owner Scores $125M Refi” originally appeared on Connect CRE.
