Mission Capital Advisors Arranges $15.3M Loan for Shopping Center in Alabama

FLORENCE, ALA. — Mission Capital Advisors has arranged a $15.3 million, non-recourse loan for Florence Square, a 226,886-square-foot shopping center located in Florence. Gregg Applefield, Alex Draganiuk, and Jamie Matheny of Mission Capital Advisors secured the three-year loan on behalf of the sponsor, a joint venture between Triangle Capital Group and Arcadian Cap Group LLC, which acquired the property in 2014. The loan features two one-year extension options. The financing will cover capital improvements to Florence Square, including the demolition of a building that was vacated by Kmart in April. The demolition will make way for a new Academy Sports + Outdoors and PetSmart, as well as two new outparcels that will add another 8,000 square feet of retail space. The loan will also enable the sponsor to pay off the property’s existing low-leverage CMBS loan.