Georgia’s Covington Town Center Nears Completion With Thorofare Financing

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Thorofare Capital has closed on a deal to provide a $9.3 million loan for a mixed-use project in suburban Atlanta, Commercial Observer can first report.

The Los Angeles-based lender’s debt package will fund the final phase of Covington Town Center, a 180-acre development in Covington, Ga. 

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TrueRate, a new debt placement marketplace led by former Avison Young senior member Dan Gorczycki, arranged the financing on behalf of the project’s sponsor Covington Town Center LLC. The company was founded last year and first opened for business in April.

“There was significant competition among lenders interested in originating a loan with a developer that has done a masterful job of mixing all elements of housing, hotels and retail to serve one of the fastest growing suburbs in the Atlanta area,” Gorczycki said in a statement.

Comprising 54.5 acres at 100 Town Center Boulevard, located about 25 miles from Atlanta, the final phase of Covington Town Center consists primarily of retail outparcels that will eventually be sold to individual retailers. The parcel is part of a large-scale, master-planned development that will also include single-family homes, 350 apartments, 270 luxury townhomes, two hotels, and a 48,000-square-foot Publix supermarket that’s scheduled to break ground this summer. 

“Covington Town Center is a well-located project that stands to directly benefit from the robust growth of the Conyers/Covington sub-market,” Denis Barreto, director of credit at Thorofare Capital, said in a statement. This is our second financing transaction in Covington and it fits well within our mandate to provide flexible debt capital for high-growth tier two markets in the Southeast U.S.”

Officials for Covington Town Center could not immediately be reached for comment on the loan.

New York City-based TrueRate is backed by Olive Tree Ventures, an affiliate of national multifamily property owner Olive Tree Holdings. Gorczycki said the firm has a pipeline of nearly $430 million across a number of property types.