The 3JG Trust received $13.75 million in October 2001. The loan has a 25-year amortization schedule. Developer Grady Pridgen, owner/president, Grady Pridgen Inc., purchased the 42-acre Metropointe property in April 2001 from Chicago-based First Industrial Realty Trust Inc. for an undisclosed price.
Pridgen then combined the existing 383,895-sf owner-occupied space at Metropointe with the neighboring 750,000-sf Gateway Business Park portfolio to establish the largest business park in the Tampa Bay metropolitan market.
The Orlando office of Horsham, PA-based GMAC Commercial Mortgage Corp. arranged the financing, according to a prepared statement from GMAC.
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