Principal Asset Management Provides $42M Construction Loan for Industrial Park
Stonemont Park 75 South will span more than 900K 1M SF upon completion
By Brian Pascus June 10, 2024 4:32 pm
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Stonemont Financial Group has secured $42.48 million in construction financing to build Stonemont Park 75 South, an industrial complex spanning more than 900,000 square feet in Locust Grove, Ga.
Principal Asset Management provided the loan, while the JLL Capital Markets team of Gregg Shapiro, Dan Kearns, Kelsey Bawcombe and Hunter Rich arranged the financing on behalf of the sponsor.
“Despite a challenging capital markets environment, the caliber of Stonemont’s sponsorship, coupled with the strength of this location, enabled us to secure attractive construction financing with a top-tier lender in Principal Asset Management,” Shapiro said in a statement.
Located at 75 Pine Grove Road — adjacent to State Highway 42 and not far from Interstate 75 — the industrial park sits roughly 37 miles outside of Downtown Atlanta. Stonemont Park 75 South will consist of three rear-load buildings totaling approximately 903,700 square feet.
The on-site clear heights will range from 32 feet to 40 feet, and the industrial complex will feature 143 dock-high doors, 280 trailer parking stalls, and 645 parking spots.
Stonemont Financial Group did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
