{"id":1004307806,"date":"2019-03-12T04:11:21","date_gmt":"2019-03-12T12:11:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004307806"},"modified":"2019-03-26T04:32:10","modified_gmt":"2019-03-26T12:32:10","slug":"walker-dunlop-arranges-loan-for-ga-office","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/walker-dunlop-arranges-loan-for-ga-office\/","title":{"rendered":"Walker & Dunlop Arranges Loan for GA Office"},"content":{"rendered":"
\"Marietta<\/a>

Marietta Technology Center<\/p><\/div>\n

Walker & Dunlop has structured $44.3 million in financing for Marietta Technology Center, a 347,500-square-foot, Class B office park in Marietta, Ga. Owners Praelium Commercial Real Estate and South Street Partners are refinancing the asset as part of a restructuring and recapitalization of the ownership entity.<\/p>\n

An unidentified investment bank is the lender of the seven-year, fixed-rate loan with interest-only payments at maximum leverage for the entirety of the term. The financing reportedly was completed on an accelerated timeline during a volatile period in the capital markets at the end of 2018.<\/p>\n

Managing Director Mark Strauss and Vice President Rob Quarton of Walker & Dunlop\u2019s structured finance team represented the borrowers. \u201cMarietta Technology Center garnered a very positive response from lenders. We positioned the opportunity to highlight the key strength of a long term lease with an investment grade tenant<\/em>,\u201d Strauss said in a prepared statement.<\/p>\n

\u201cThis property represented a secure loan with an experienced sponsor in a burgeoning market with predictable cash flow on a long-term basis<\/em>,\u201d Quarton added.<\/p>\n

The four buildings at Marietta Technology Center were originally completed in the mid-1980s and have since been renovated. The 26-acre property also includes 1,354 parking spaces. The office park reportedly is fully occupied. The investment-grade tenant Strauss referred to appears to be the park\u2019s largest tenant, Home Depot USA.<\/p>\n

The site is only three-quarters of a mile from Interstate 75, Atlanta\u2019s main northwest\/southeast artery.<\/p>\n

Neither Praelium nor South Street Partners replied to Commercial Property Executive\u2019s requests for additional information.<\/p>\n

About 18 months ago, Walker & Dunlop secured acquisition funding<\/a> for the same borrowers\u2019 purchase of Newmarket Business Park, another property in Marietta. <\/p>\n

Good end to a strong year<\/h2>\n

The Atlanta office market enjoyed a strong 2018, buoyed by sustained hiring and robust demand for office space, according to a fourth-quarter report from Savills Studley.<\/p>\n

\u201cTenants are likely to face higher rent in the coming year, although the lease-up of new product should cause some moderation in rent growth<\/em>,\u201d Vice Chairman Chris White stated in the report.<\/p>\n

Though Class A availability dipped slightly, to 20.5 percent, availability of Class B and C space fell by 180 basis points, to 18.2 percent. Furthermore, asking Class B rents have been rising steadily in parallel with Class A rents, to an average of $20.94 in the fourth quarter.<\/p>\n

Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Owner-borrowers Praelium Commercial Real Estate and South Street Partners have received $44.3 million in financing for a four-building campus in Marietta.<\/p>\n","protected":false},"author":882,"featured_media":1004307830,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21808,21825,21742,21747],"tags":[37223,32775,37222,34573],"class_list":["post-1004307806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-featured","category-finance","category-latest","category-office","tag-mark-strauss","tag-savills-studley","tag-south-street-partners","tag-walker-and-dunlop"],"acf":[],"yoast_head":"\nWalker & Dunlop Arranges Loan for GA Office - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/walker-dunlop-arranges-loan-for-ga-office\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Walker & Dunlop Arranges Loan for GA Office\" \/>\n<meta property=\"og:description\" content=\"Owner-borrowers Praelium Commercial Real Estate and South Street Partners have received $44.3 million in financing for a four-building campus in Marietta.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/walker-dunlop-arranges-loan-for-ga-office\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-12T12:11:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-26T12:32:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Marietta-Technology-Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/walker-dunlop-arranges-loan-for-ga-office\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/walker-dunlop-arranges-loan-for-ga-office\/\",\"name\":\"Walker & Dunlop Arranges Loan for GA Office - 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