TrueRate Services Arranges $9.3 Million Refinancing for Mixed-Use Development in Metro Atlanta

Covington, Ga. — TrueRate Services has arranged a $9.3 million refinancing for the final phase of Covington Town Center, a mixed-use development spanning 180 acres in Covington, roughly 35 miles east of Atlanta. Dan Gorczycki of TrueRate secured the financing through Thorofare Capital on behalf of the sponsor, an entity doing business as Covington Town Center LLC. The loan will be used 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 retailer. The final phase is part of a larger master-planned community, which includes single-family homes, 350 multifamily units, 270 luxury townhomes, two hotels and a 48,000-square-foot Publix supermarket that is scheduled to break ground this summer.