BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured a $18,000,000 loan to finance the acquisition of East West Commons, a shopping center in Austell, Georgia, part of the Atlanta metropolitan area.
Daniel Rosenberg, executive vice president in BWE’s Chicago and Boca Raton offices, and Logan Petersmeyer, senior analyst in BWE’s Chicago office, advised the borrower, a local Georgia based investor, and secured 10-year, fixed-rate, full-term, interest-only financing.
“The property has a high occupancy and strong historical performance, yet it has a few avenues for clients to add value and grow cash flow. The mortgaged sourced on their behalf will allow them the flexibility to execute on their business plan.” said Rosenberg. “BWE continues to utilize its comprehensive suite of capital solutions to provide our partners with the best possible financing terms.”
Located at the highly trafficked intersection of the East West Connector and Austell Road, East West Commons boasts 173,205 SF of retail space and is 99% occupied. Bringing in more than 2.5 million visitors every year, the center is shadow anchored by retailers Target and Lowe’s and features other popular tenants on long-term leases such as TJ Maxx, Burlington, PetSmart, T-Mobile, Panera Bread, Five Guys, and more.
Situated just south of Marietta, GA, and less than 20 miles from downtown Atlanta, Austell enjoys easy access to major roadways and the Atlanta region’s international airport. The suburb is also home to Six Flags Over Georgia, one of the Southeast’s largest amusement parks.