Alpine Income Property Trust Announces $32.0 Million First Mortgage Loan Investment

Core Viewpoint - Alpine Income Property Trust, Inc. has announced a $32.0 million first mortgage loan investment to fund the development of a retail center in Georgia, indicating a strategic move to enhance its portfolio and generate returns [1][2]. Group 1: Loan Details - The loan has a term of 24 months and an interest rate of 13.00%, which includes 1.5% paid-in-kind interest, stepping down to 11.50% upon the borrower's satisfaction of certain conditions [1]. - At the close, $8.6 million of the loan was funded, with the remaining amount to be disbursed as needed [1]. Group 2: Development Project - The loan will support the development of an 11-acre retail center comprising 101,000 square feet, featuring national investment-grade tenants and three outparcels [2]. - The retail center includes a 128,500-square-foot Target currently under development and is located adjacent to an existing Publix, enhancing the merchandising mix [2]. - This development is part of the 180-acre Covington Town Center master plan in Newton County, Georgia, approximately 35 miles from Atlanta and Hartsfield-Jackson International Airport [2]. Group 3: Company Overview - Alpine Income Property Trust, Inc. is a publicly traded real estate investment trust focused on delivering attractive risk-adjusted returns and dependable cash dividends through investments in single-tenant net leased commercial properties [3]. - The company also strategically invests in a select portfolio of commercial loan investments to enhance returns [3].