Cushman & Wakefield announced today that its Equity, Debt & Structured Finance team based in Atlanta has arranged a $29-million construction loan for Braselton Commerce Center. The 1,074,596-square-foot distribution center, which fronts Lewis Braselton Boulevard (State Route 124), will be built on a 115-acre site located one mile northeast of Interstate 85.
Construction will begin this fall and the project is expected to be completed in the second quarter of 2015. Mike Ryan, Brian Linnihan, Jeff Walker and Telly Fathaly of Cushman & Wakefield’s EDSF team in Atlanta arranged the loan on behalf of Hillwood Investment Properties, which is partnering with developer Ridgeline Property Group on the project. Bank of America provided the floating-rate loan, which carries a loan-to-value of 65 percent.
Braselton Commerce Center will provide modern and efficient distribution space to meet the growing demand for large industrial space in metro Atlanta. The project’s prime location in the I-85 North corridor positions it well to attract big-box occupiers as the economy continues to improve.
Added Mike Ryan: “We’re very pleased to arrange this construction loan on behalf of Hillwood Investment Properties. This high-quality property is being developed at a time when supply has become very tight for big-box industrial space, which provides the sponsor an excellent opportunity to hold the asset for the long-term.”
The I-85 North corridor is the premier industrial submarket in Atlanta for large industrial users. The state-of-the-art, 1,074,596-square-foot Braselton Commerce Center will feature 36-foot clear heights, 56-foot wide bay spacing and high-capacity trailer parking (243 trailer spaces, expandable to 466).
Steve Webb – The Gove Network
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