Jacobs Real Estate Advisors has secured a $20 million refinance of the Southlake Mall, a two-story retail center in Morrow GA. Sholom Jacobs and Jordan Kaplowitz of Jacobs Real Estate Advisors arranged the refinance directly with the lender, Deutsche Bank.
The property boasts approximately 1,015,984 square feet of gross leasable area and strong tenant sales with a vibrant lineup of national inline tenants and a high-volume Macy’s. New additions such as H&M, Forever 21, RED, and Chime Solutions have reinforced Southlake Mall’s position in the market. Originally purchased in 2019 with a $37 mill mortgage, using our hands-on management experience we were able to increase the NOI by over $2M in the first year of the acquisition. Cash on cash returns year 1 was 23.8%. In 2020 we were able to purchase the 1st mortgage from our lender at a 59% discount to the mortgage.
This latest refinance with Deutsche Bank is a 10-year interest-only loan, allowing us to maximize returns to our investors.
