ATLANTA—Newmarket Business Park, a 471,486-square-foot, class B, multi-tenant office property in Marietta, GA, has won the confidence of investors. Walker & Dunlop closed an approximate $59 million combination of bridge and equity financing against the office asset.
Led by Mark Strauss and Rob Quarton, Walker & Dunlop's Irvine, California-based team represented the sponsors, Praelium Commercial Real Estate and South Street Partners, in acquiring the asset. A debt fund placed the financing, arranged as a floating rate bridge loan with full-term interest only payments. A hedge fund invested the equity. According to W&D, the transaction highlights the availability of attractive bridge financing in today's market.
(Separately, a six-building office portfolio recently traded in Mariette. Get all the details.)
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