Walker & Dunlop Secures $59M for Atlanta Asset
ByWalker & Dunlop closed $59 million in bridge and equity financing on behalf of Praelium Commercial Real Estate and South Street Partners for the acquisition of Newmarket Business Park in Marietta, Ga.
The debt was placed by a debt fund and arranged as a floating rate bridge loan with full-term interest-only payments. A hedge fund invested the equity.
ATTRACTIVE LOCATION
The 471,486-square-foot, Class B office asset consists of four single-story and two two-story office buildings. Constructed between 1983 and 1985, the property was 85 percent leased at closing. Located three quarters of a mile from Interstate 75, Newmarket Business Park is surrounded by large corporate headquarters, including Home Depot, Printpack, Race Trac Petroleum, Genuine Parks and HD Supply…
