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CTO Realty Growth Originates a First Mortgage Loan for Whole Foods Market Anchored Development Neighboring The Collection at Forsyth

WINTER PARK, Fla., Nov. 07, 2024 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE:CTO) (the "Company" or "CTO") today announced the origination of a $40.2 million first mortgage loan with an initial term of thirty months and an initial fixed interest rate of 12.15%. The loan is for the development of an approximately 80,000 square foot retail center on approximately 26.6 acres located in Forsyth County, Georgia, a growing and affluent suburb of Atlanta. The development is anchored by a 35,500 square foot Whole Foods Market with the remainder of the development consisting of small shop space and pad sites.

The Whole Foods Market anchored retail development neighbors the Company's 561,000 square foot shopping center known as The Collection at Forsyth. Further, the Company has a right of first refusal to purchase this new retail center. The Company funded approximately $3.2 million of the loan at closing and, while the loan provides for borrowings of up to a maximum of $40.2 million, the borrower anticipates that the potential timing of certain outparcel sales could reduce the borrower's needs for loan proceeds to approximately $25 million.

"We believe this Whole Foods Market development will further solidify The Collection at Forsyth as the dominant retail center in Georgia's wealthiest county," said John P. Albright, President and Chief Executive Officer of CTO Realty Growth, Inc. "Our long-term relationship with the developer was essential in securing this loan opportunity and the related right of first refusal to purchase the Whole Foods Market. We see this as a strategic investment that we ...