Two Centers Get $26M in Permanent Financing

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NORCROSS, GA-Wells Fargo Commercial Mortgage has provided $26.2 million in permanent financing for two retail properties. At the time of the closing of the financing transactions, both were 100% occupied. The funds will refinance existing debt on both properties.

In the first transaction, the owner of the 197,000-sf Greens Corner, , a shopping center on Jimmy Cross Boulevard in Norcross, received a $16.2-million, 10-year loan. Anchored by GrandMart, the center has 23 tenants. Fred Fletcher, of Atlanta-based Primary Capital Advisors, was the mortgage broker in the transaction.

Financing was also provided for the 109,144-sf Marketplace Club, a community retail center on Pleasant Hill Boulevard in Duluth. Wells Fargo funded the $10-million, five-year loan with the help of Keith Morris, of Capmark Finance, who was the mortgage broker for the transaction. Among tenants in Marketplace Club are Goodwill Industries, Dollar General and Krispy Kreme Doughnuts.

Scott Bois, of Wells Fargo Commercial Mortgage’s New York office, oversaw the transactions. Both properties are located in northern suburban areas of Atlanta. “The tenancies of both of these properties fit the demographics of the area,” Bois tells GlobeSt.com. “The tenants aren’t high-end, but neither are the demographics of the areas.”

Bois adds that both centers have performed well in recent years. “The streets where these centers are located are both heavily traveled,” he says. “We like to see traffic jams in front of our properties.”