Churton Grove

Location: Hillsborough, NC
Type: Retail
Price: $5,500,000

SMC provided a $5,500,000 first mortgage to refinance existing debt at the Property. The Loan provides for a 10-year term, amortizing over 30 years. The land which the Property was built on has been in the Sponsor’s family since the 1800’s. The weighted average length of tenancy at the Property is 15 years, and four of the nine tenants, including the anchor Food Lion, have been in occupancy since the Property was built. Food Lion has demonstrated strong sales, even through the downturn, and is paying a below-market rent.