SunTrust Provides $28.2M Loan for Acquisition of Centrum at Glenridge

SunTrust Banks, Inc. (NYSE: STI) has provided $28.2 million in acquisition financing for the acquisition of the Centrum at Glenridge office building. The property, built in 1989, is a 186,826 square foot office building located in the Perimeter Center area of Sandy Springs, GA. It has been anchored by Havertys’ corporate headquarters since 2000.

The acquisition will be conducted through a joint venture between Blackmount Real Estate Partners and Redan Group Investments. The loan was executed via SunTrust Commercial Real Estate’s Permanent Loan Program by Mark Hancock, senior vice president of Commercial Real Estate.

“We are very excited to own an asset with great tenants in one of the best locations in the Perimeter submarket,” said Neil Herceg, principal at Blackmount.

Blackmount Real Estate Partners was founded by Neil Herceg and Shawn Collins. Herceg and Collins previously worked at CF Real Estate services where they respectively served as the chief investment officer and head of Asset Management/Acquisitions. Redan Group Investments is a private real estate firm based in Charlotte, NC.

“Centrum at Glenridge is a LEED Gold Certified property in a growing and vibrant area of the Atlanta metro community. We continue to see demand for office space like Centrum, that provides modern amenities in an easily accessible location. Congratulations to Blackmount on this acquisition,” said Hancock.

Read full article