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July 10, 2015…M & J Wilkow, Ltd. announced today that it completed the refinancing of the Varner Crossing Shopping Center with a new 10-year, $9,500,000 fixed rate mortgage loan from Pillar Multi-Family, LLC, an affiliate of Guggenheim Commercial Real Estate Finance, LLC. The proceeds of the new loan were used to pay off an existing loan that was scheduled to mature on October 11, 2015.
Varner Crossing is an 80,466 square foot shopping center located 27 miles northwest of downtown Atlanta, on the northwest corner of Macland Road and Lost Mountain Road in Powder Springs, Cobb County, Georgia. Cobb County is the new home of the Atlanta Braves major lease baseball team, and is one of the most desirable counties in which to live in the Atlanta MSA, with some of the lowest taxes in the MSA, a nationally top ranked school system and the home of the Atlanta Ballet and Atlanta Opera.
The shopping center is currently 97% leased to 13 tenants, including a 54,166 square foot Kroger Grocery store and Fuel Center. Kroger is the #1 grocer in the Atlanta MSA, with 131 stores and a market share of 29.5%.