Covington, Georgia. – TrueRate Services arranged a $ 9.3 million refinancing loan for the final phase of Covington Town Center, a 180-acre mixed-use development in Covington. The loan was provided by Thorofare Capital. Dan Gorchitsky of TrueRate received capital from a Los Angeles-based lender on behalf of the sponsor, a legal entity operating as Covington Town Center LLC. The loan was secured by free trade plots in the city center.
The final phase of downtown Covington, covering 54.5 acres, includes retail outlets to be sold to individual retailers, as well as single-family homes, 350 condos, 270 luxury townhouses, two hotels, and a 48,000-square-foot Publix supermarket. which is scheduled to start this summer.
Founded in 2020, TrueRate is backed by Olive Tree Ventures, a subsidiary of Olive Tree Holdings that owns the nation’s multi-family real estate.