Alpine Income Property Trust funds $32M retail center loan at 13% yield
Alpine Income Property Trust originated a $32 million first mortgage loan investment, funding $8.6 million at close. The 24-month, 13% interest loan (including 1.5% paid-in-kind) finances an 11-acre, 101,000-sq-ft Georgia retail center anchored by a 128,500-sq-ft Target and adjacent Publix.
1. $32 Million First Mortgage Loan
Alpine Income Property Trust originated a $32.0 million first mortgage loan, advancing $8.6 million at closing. The loan carries a 24-month term and a 13.00% interest rate, inclusive of 1.5% paid-in-kind, stepping down to an 11.50% current pay rate once certain conditions are met.
2. Covington Town Center Development
The loan will fund an 11-acre, 101,000-sq-ft retail center within the 180-acre Covington Town Center master plan in Newton County, Georgia, roughly 35 miles from Atlanta and Hartsfield-Jackson International Airport. The development is collateralized by national investment-grade tenants, three outparcels, and a 128,500-sq-ft Target under construction adjacent to an existing Publix.
3. Strategic Investment Implications
This high-yield loan expands Alpine Income’s commercial loan portfolio and enhances overall yield, complementing its net-leased property holdings. The investment underscores the trust’s strategy to deliver attractive risk-adjusted returns through selective, high-return debt placements.