Aztec Group Secures $43 Million in Financing for Shopping Centers in Memphis, Birmingham

by Julia Sanders

Memphis, Tenn. and Birmingham, Ala. — Aztec Group has secured a total of $43 million in acquisition financing for two shopping centers, Ridgeway Trace in Memphis and Promenade Fultondale in Birmingham. Brell Tarich and Charles Penan of Aztec Group secured the two non-recourse loans on behalf of LBX Investments. Ridgway Trace is a 169,000-square-foot big box retail center. The $26.5 million loan for Ridgeway Trace features a 7-year term, fixed interest rate, several years of interest only payments and was provided by an undisclosed national insurance company. Ridgeway Trace was 78 percent leased at the time of sale to tenants including REI, BestBuy, PetSmart, Edwin Watts Golf Shop and Chipotle. Promenade Fultondale is a 193,000-square-foot power center. The $16.5 million loan for Promenade Fultondale features a 7-year term, fixed interest rate, an interest only period and was provided by a credit union. Promenade Fultondale features tenants including JC Penney, Ross, Books-A-Million, Five Below, Bath & Body Works and Shoe Depot. Both properties were built in 2008 and are shadow-anchored by Target.

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