Ardent Cos. Receives $284M for Atlanta Acquisition, Refi
- Feb 21, 2019
HFF and Cushman & Wakefield have secured $284 million in financing for The Ardent Cos.’ acquisition of Piedmont Center 14 earlier this month as well as the recapitalization of the borrower’s other holdings within Atlanta’s Piedmont Center office park. A real estate debt fund associated with Brookfield Asset Management provided the floating-rate loan.
The purchase of Piedmont Center 14, a Class A office building in the city’s Buckhead submarket, brings The Ardent Cos.’ total Piedmont Center portfolio to 10 buildings encompassing some 1.7 million square feet. According to Yardi Matrix, the other assets covered by the financing are The Fountains at Piedmont Center, Piedmont Center North 1-4 and Piedmont Center North 15.
Located at 3535 Piedmont Road N.E., Piedmont Center 14 totals more than 300,000 square feet and is anchored by Kaiser Foundation Health, N3 and Aldridge Pite. The property’s tenant roster features more than 160 companies and Kaiser Foundation Health recently renewed its lease. Amenities include on-site property management, fitness center, café, covered parking, 24-hour on-site security, conference facility, auditorium and locker rooms.
HFF Managing Director Ed Coco and Director Matt Casey worked alongside Cushman & Wakefield Executive Managing Director Michael Ryan, Executive Director Brian Linnihan and Senior Director Richard Henry in arranging the loan.
Piedmont Center provides access to Georgia State Route 400, MARTA stops, restaurants and several hotels such as Homewood Suites by Hilton, Windgate by Wyndam, Springhill Suites Marriott and Westin Buckhead. Retail options in the proximity include Phipps Plaza Mall, Lenox Square Mall, AMC Theatre and LA Fitness.
Image courtesy of Cushman & Wakefield