DULUTH, GA-Two Georgia properties have received a total $35 million in financing packages provided by separate lenders.
In suburban Atlanta, 3312 Berkeley Lake Road Investors LLC, the new owner of the one-million-sf Gwinnett Regional Distribution Center in Duluth, received $23 million from Wells Fargo Commercial Mortgage. The proceeds were used by the borrower to buy the largest distribution center in the county and for operating purposes.
Q10/New England Realty Resources of Boston was the mortgage broker who found the financing for the property at 3312 Berkeley Lake Rd., considered the center of Atlanta's industrial submarket. Tenants include Broder Bros. Co., Trade Am International Inc., Conroy Logistics and DSA Warehouse LLC.
In historic Downtown Savannah, GMAC Commercial Mortgage Corp. of Horsham, PA provided $12 million in interim, floating-rate refinancing for the 104-unit Staybridge Suites which opened for business March 17. The loan refinances a previous GMACCM construction loan.
GMACCM brokers H. McCorad Fraser and Vince Butoric of the Tampa loan origination office, and Bruce Lowrey of the hospitality industry division handled the transaction. The hospitality industry division underwrote and funded the loan for the borrower, Savannah Hospitality Properties LLC.
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