$42.48M in construction financing secured for industrial development in Georgia
JLL Capital Markets led the financing efforts for the development of Stonemont Park 75 South in Locust Grove
ATLANTA, June 10, 2024 – JLL Capital Markets announced today that it arranged approximately $42.48 million in construction financing for Stonemont Park 75 South, an upcoming industrial park in Locust Grove, Georgia.
JLL worked on behalf of Stonemont Financial Group to facilitate the loan from Principal Asset Management.
The project will consist of three rear-load buildings totaling approximately 903,701 square feet. The structures will feature clear heights ranging from 32 to 40 feet, 143 dock-high doors, 130-foot truck courts, 280 trailer parking stalls and 645 car parking stalls.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Gregg Shapiro, Senior Director Dan Kearns, Vice President Kelsey Bawcombe and Associate Hunter Rich.
“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 commented.
Kearns added, “We are excited to help build the relationship between two great firms in Principal and Stonemont.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Stonemont Financial Group
Stonemont Financial Group specializes in investing across a broad spectrum of real estate asset classes and geographies, specializing in industrial, net lease and healthcare real estate. Stonemont offers diversified and differentiated real estate investment strategies and vehicles to institutions, family offices, trusts and high net-worth individuals. With a combined track record of over 60 years of experience and $20 billion invested, Stonemont’s founders and managing principals are committed to delivering attractive risk-adjusted returns.
About Principal Asset Management ℠
With public and private market capabilities across all asset classes, Principal Asset Management and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for more than 1,100 institutional clients in over 80 markets.1 Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing $545 billion in assets1 and recognized as a “Best Places to Work in Money Management”2 for 12 consecutive years.
[1] As of March 31, 2024
[2] Pensions & Investments, “The Best Places to Work in Money Management”, among companies with 1,000 or more employees, December 12 2023.