Cohen Commercial Completes Refinancing of Alabama and Kentucky Properties

Birmingham, Ala. and Crescent Springs, Ky.  The two centers were refinanced for a combined total of $25.1 million.

Birmingham, Ala. and Crescent Springs, Ky. – Cohen Commercial Properties has refinanced Roebuck Marketplace in Birmingham and Buttermilk Crossing in Crescent Springs for a combined total of $25.1 million. Cohen secured an $8.65 million first mortgage loan on Buttermilk Crossing, following a 30-year amortization schedule at a 4.8 percent interest rate. The 78,012-square-foot shopping center is 94 percent occupied, featuring a mix of businesses including Staples, Outback Steakhouse, Petco and The UPS Store. The $16.5 million first mortgage loan on Roebuck Marketplace is for a 10-year term with a 75 percent LTV and an interest rate of 4.8 percent. The 193,481-square-foot Roebuck Marketplace is 93.5 percent occupied with a roster of national and regional tenants, including Planet Fitness, Citi Trends, Rite-Aid, Dollar Tree, Harbor Freight Tools, Rainbow USA and It’s Fashion Metro. 

   Scott Reid

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