International Market Centers

Debt | Various, U.S.

Bonds related to a term loan that is cross collateralized by and senior to the owner’s equity interests in both International Market Centers (IMC) and AmericasMart (AMC), which are two leading national furniture showroom companies.

Investment Details

Investment Type
Debt
Property Type
Specialty
Location(s)
Las Vegas, NV
High Point, NC
Atlanta, GA
Net Internal Area
14.4 million sq. ft.

Transaction Details

Acquired
August 23, 2019
Invested Capital
$25 million
Interest Rate
LIBOR+ 6.1225%
Loan-to-Appraised-
Value Ratio
67%

Investment Details

Investment Type
Debt
Property Type
Specialty
Location(s)
Las Vegas, NV
High Point, NC
Atlanta, GA
Net Internal Area
14.4 million sq. ft.

Transaction Details

Acquired
August 23, 2019
Invested Capital
$25 million
Interest Rate
LIBOR+ 6.1225%
Loan-to-Appraised
Value Ratio
67%

Bonds related to a term loan that is cross collateralized by and senior to the owner’s equity interests in both International Market Centers (IMC) and AmericasMart (AMC), which are two leading national furniture showroom companies.

Asset Highlights

Furniture image
Furniture showrooms are an essential and efficient way for both
manufacturers and buyers to evaluate products through trade shows
in these buildings.
real estate
Tenant base has historically had low turnover and generated stable
income with 4-5 leases and 4% annual escalators.
Property Income
The REIT’s cost basis of $128 per square foot represents a significant
discount to both the appraisal value and the equity owner’s cost basis.