COVINGTON, GA. — TrueRate Services has arranged a $9.3 million refinancing loan for the final phase of Covington Town Center, a mixed-use development in Covington spanning 180 acres. Thorofare Capital provided the loan. Dan Gorczycki of TrueRate secured the capital from the Los Angeles-based lender on behalf of the sponsor, an entity doing business as Covington Town Center LLC. The collateral for the loan was for vacant retail parcels within the Town Center.
Comprising 54.5 acres, the final phase of Covington Town Center includes retail outparcels that will be sold to individual retailers, as well as single-family homes, 350 apartments, 270 luxury townhomes, two hotels and a 48,000-square-foot Publix supermarket that is scheduled to break ground this summer.
Founded in 2020, TrueRate is backed by Olive Tree Ventures, an affiliate of national multifamily property owner Olive Tree Holdings.