Southern Pines, N.C. and Cedar Falls, Iowa — BWE has arranged $49.5 million for the refinancing of two shopping centers totaling 414,680 square feet located in North Carolina and Iowa. Dan Rosenberg, Logan Petersmeyer and Isabella Barrios of BWE secured the financings on behalf of Cincinnati, Ohio-based Midland Atlantic Properties. Both non-recourse loans feature competitive interest rates and multiple years of interest-only payments.
The first property, Viking Plaza Drive in Cedar Falls, Iowa, is a 147,659-square-foot shopping center leased to Scheel’s, Michaels, Old Navy and Ulta Beauty.
The second property, Morganton Park South in Southern Pines, North Carolina, is 267,021 square feet and nearly fully leased. Target anchors the center, which features additional tenants such as Dick’s Sporting Goods, Golf Galaxy and HomeGoods.