{"id":1004205158,"date":"2018-01-30T07:37:02","date_gmt":"2018-01-30T15:37:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004205158"},"modified":"2022-12-08T02:18:21","modified_gmt":"2022-12-08T10:18:21","slug":"nas-secures-refinancing-for-tn-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nas-secures-refinancing-for-tn-shopping-center\/","title":{"rendered":"NAS Secures Refinancing for TN Shopping Center"},"content":{"rendered":"<p>By Jeff Hamann<\/p>\n<div id=\"attachment_1004205165\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/River-Place-in-Sevierville-Tenn..jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004205165\" data-attachment-id=\"1004205165\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nas-secures-refinancing-for-tn-shopping-center\/river-place-sc\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/River-Place-in-Sevierville-Tenn..jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;National Asset Services&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;National Asset Services one of the Country&#039;s leading commercial real estate companies, has successfully delivered a lending source to refinance River Place, a 155,093 square-foot, open-air shopping center in Sevierville, Tennessee. (PRNewsfoto\/National Asset Services)&quot;,&quot;created_timestamp&quot;:&quot;1516665600&quot;,&quot;copyright&quot;:&quot;This image must be used within the context of the news release it accompanied. Request permission from issuer for other uses.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;River-Place-SC&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"River Place in Sevierville, Tenn.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;River Place in Sevierville, Tenn.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/River-Place-in-Sevierville-Tenn..jpg?w=800\" class=\"wp-image-1004205165 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/River-Place-in-Sevierville-Tenn..jpg\" alt=\"River Place in Sevierville, Tenn.\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/River-Place-in-Sevierville-Tenn..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/River-Place-in-Sevierville-Tenn..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/River-Place-in-Sevierville-Tenn..jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004205165\" class=\"wp-caption-text\">River Place in Sevierville, Tenn.<\/p><\/div>\n<p>National Asset Services (NAS) has secured a refinancing loan and restructured the ownership of River Place, a 155,093-square-foot shopping center in eastern Tennessee. The 22 tenant-in-common owners of the property were consolidated into a single legal entity, SCI River Place Fund 14 LLC. The owners acquired the asset through a 1031 tax-deferred exchange in 2007 for $19.5 million, according to public records.\u00a0<\/p>\n<p>Located at 655 Parkway in Sevierville, Tenn., the open-air shopping center consists of four connected buildings, faces U.S. Highway 441 and is situated in a busy retail corridor located 25 miles east of Knoxville. Built in 1983, the property was renovated in 2004 and 2007. With a variety of regional and national tenants in place, including Belk, T.J. Maxx, Dollar Tree, Maurices and Gamestop, the shopping center is more than 95 percent occupied. NAS\u00a0began handling property management responsibilities for the owner in 2016.<\/p>\n<p><em>\u201cOur ability to sustain high tenant occupancy, while leveraging our strong industry relationships, made the possibility of refinancing in a challenging debt market for retail property a reality,\u201d <\/em>said Karen Kennedy, president &amp; founder of NAS, in a prepared statement. <em>\u201cThe option to refinance, while still retaining the original 1031 exchange tax advantages for our clients, was the very best possible outcome for our clients facing loan maturity at River Place.\u201d<\/em><\/p>\n<p>Last year in Nashville, Bloomfield Capital provided a $3.2 million <a href=\"https:\/\/www.commercialsearch.com\/news\/bloomfield-capital-funds-retail-loan\/\">refinancing package<\/a> for a 30,000-square-foot retail center, which included additional capital to renovate the asset.<\/p>\n<p><em>Image courtesy of National Asset Services<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Encompassing more than 150,000 square feet across four connected structures, the Knoxville-area retail asset is home a variety of tenants, including Dollar Tree, T.J. Maxx and Belk.<\/p>\n","protected":false},"author":861,"featured_media":1004205165,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,13,36077,21742,21749],"tags":[33536,37004,35107,38969,35317],"class_list":["post-1004205158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-midwest","category-nashville-knoxville","category-latest","category-retail","tag-1031-exchange","tag-belk-inc","tag-dollar-tree-inc","tag-karen-kennedy","tag-national-asset-services"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NAS Secures Refinancing for TN Shopping Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nas-secures-refinancing-for-tn-shopping-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NAS Secures Refinancing for TN Shopping Center\" \/>\n<meta property=\"og:description\" content=\"Encompassing more than 150,000 square feet across four connected structures, the Knoxville-area retail asset is home a variety of tenants, including Dollar Tree, T.J. 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