JLL arranges $14.6M refinancing for Alabama retail center

February 13, 2020

Proceeds retired an existing loan that had been used to acquire and improve the property

ATLANTA, February 13, 2020 – JLL Capital Markets announced today that is has arranged a $14.6 million refinancing for Shops on the Circle, a 182,547-square-foot community retail center anchored by multiple national tenants in Dothan, Alabama.

JLL worked on behalf of the borrower, RCG Ventures LLC and DRA Advisors LLC, to place the 35-month, floating rate, non-recourse loan with two one-year extension options with Synovus. Proceeds will be used to refinancing an existing loan used by the borrower to make property improvements since purchasing the retail center in 2014.

Shops on the Circle is 95.6% leased to a roster of national and regional tenants, including TJ Maxx, PetSmart, Big Lots, Old Navy, Office Max, Five Below and Shoe Carnival. Situated on 16.69 acres at 3500 Ross Clark Circle, the retail center is at the intersection of Ross Clark Circle and Montgomery Highway, which are two primary commercial corridors in the market, making the center visible to more than 35,00 vehicles a day. Shops on the Circle is in Dothan, a southeastern Alabama community that is home to more than 150,000 residents and approximately 20 miles from both the Florida and Georgia borders.

The Capital Markets debt placement team representing the borrower was led by Managing Director Gregg Shapiro and Director Greg Gaughan.

“Coupled with top-tier sponsorship, Shops on the Circle boasts a first-rate tenant line up and a history of strong occupancy, which enabled us to source attractive refinancing for RCG and DRA,” Shapiro said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About RCG Ventures LLC

RCG Ventures LLC (“RCG”) is a privately funded real estate investment group that acquires and develops commercial real estate in the Continental United States. The company’s primary focus is value-add anchored shopping centers with the potential for long-term ownership. RCG has acquired a total of 178 properties in 29 states, representing total Invested Capital of over $1.5 billion. In 2018, RCG was named the 50th largest retail owner in the United States.

About DRA Advisors LLC

DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, foundations, and insurance companies. Since DRA was founded in 1986, the firm has acquired over $31 billion of real estate, including 56 million square feet of office, 75 million square feet of retail, 62 million square feet of industrial and 72,000 multifamily units. As of September 30, 2019, DRA has over $11 billion in assets under management. 

About Synovus Bank

Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and retail banking, investment, and mortgage services together with its affiliates through 298 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank has been recognized as one of the country’s “Most Reputable Banks” by American Banker and the Reputation Institute. Synovus Bank is on the web at, and on Twitter, Facebook, LinkedIn and Instagram. Equal Housing Lender.