ATLANTA-GMAC Commercial Mortgage Corp. has closed three area loans totaling $35.75 million. The largest financing package went to Wells Real Estate Fund Inc. which received a total $28.5 million in acquisition financing for its 143,767-sf headquarters building. The seven-story property is at 6200 the Corners Parkway in suburban Norcross.
The funding comprised $25 million in fixed-rate senior debt and a $3.5-million floating rate mezzanine loan. GMAC didn't identify the seller of the 16-acre property.
In addition, Kim King Associates, headed by Beau King, received a $3.5-million, permanent fixed-rate loan on a 15,092-sf building occupied by Office Depot at 859 Spring St.
In the third deal, QLS Gardens Inc., a nonprofit developer of affordable housing, obtained a $3.75-million, permanent fixed-rate loan from the Horsham, PA-based lender to refinance the 202-unit QLS Gardens. The 32-year-old, 94%-occupied multifamily asset is at 1870 Cambelton Rd. The 19.8-acre, 208,072-sf property was renovated in 1994. Monthly rents average $560.
GMAC didn't disclose the length of the loans or the specific interest rates in the three transactions.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
