The five-year permanent loan at 6.39% interest is for Oakmont's 182,448-sf Liberty Distribution Center Building 100 in the company's 1.2 million-sf, 77-acre park in suburban Henry County, 10 miles south of Downtown Atlanta. The building is 100% leased to Ford Motor Co., Facet Technologies and Studio III.
Lend Lease funded the 25-year amortized loan through its Core Mortgage Fund II. Kin Keyward of iCap Realty Advisors arranged the financing for Lend Lease. "Lend lease was very aggressive in pricing this loan," Heyward notes in a prepared statement from Oakmont. "They recognized that Oakmont had several options with familiar lenders."
In the same statement, Oakmont executive vice president Steve Nelsen says Lend Lease's promise to do the deal in two weeks impressed him. "That was critical to securing our business," Nelsen says.
Nelsen and Mark Tracy, vice president, Lend Lease/Atlanta, close the deal. Oakmont has developed and acquired 3.3 million sf of industrial product since the company was formed in 1996.
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