715 Peachtree in Atlanta Lands $62M Refi
- Jun 06, 2017
Carter and PCCP LLC secured $61.9 million in financing for the 715 Peachtree office building in Midtown Atlanta. Jonathan Rice and Jeff Ackemann of CBRE’s Debt & Structured Finance team led the capital market efforts for the three-year bridge loan provided by KKR & Co. LP.
The financing will enable Carter to pay an existing loan used for property renovations, while also providing for tenant improvements and leasing capital.
The 10-story, 318,450-square-foot Class A office building is home to tenants such as Honeywell and Spaces, Land of a Thousand Hills, Stone Summit and Bareburger. According to Yardi Matrix, Carter purchased 715 Peachtree in July 2015 for $43 million from Arthur L. Walters & Co., which owned the property since 1997. Originally completed in 1971, the building underwent a complete cosmetic renovation in 2016. The property currently has a vacancy rate of 57.2 percent and has eight spaces available, totaling 196,834 square feet.
“This transaction represents the final stabilization of this notable asset and is a milestone in Carter’s business plan,” said Rice, senior vice president, CBRE Capital Markets, in prepared remarks. “It was a great execution among all parties and a competitive process, and ultimately speaks to the goals of KKR, a recent entrant to real estate finance and the Atlanta market.”
CBRE’s Eric Ross, Clark Gore and Sabrina Gibson manage leasing for 715 Peachtree on behalf of Carter and CBRE’s Asset Services team manages the building.
Image courtesy of CBRE