Atlanta Office Asset Scores $21M Refi
- Oct 15, 2019
Mainstreet Capital Partners has received a $21.4 million loan from NXT Capital to refinance 2000 Riveredge, a Class A, 234,000-square-foot office building in Sandy Springs, Ga. According to Yardi Matrix data, Mainstreet Capital acquired the property in 2007 for $32.1 million in a portfolio transaction and refinanced it in 2016 with a $19 million loan from Prime Finance Partners.
The building is located at 2000 Riveredge Parkway N.W. in the Cumberland/Galleria submarket. The 22-acre property is adjacent to Interstate 285 and close to Larry Mc Donald Memorial Highway, 2 miles east of the new Atlanta Braves stadium. The immediate area holds various shopping, dining and entertainment venues including Akers Mill Square and Cumberland Mall.
Completed in 1984, the 10-story building offers 28,543-square-foot floorplates and a parking ratio of 3.6 spaces per 1,000 square feet. Amenities include a conference center, fitness center, cafe and storage and the common areas were substantially renovated in 2016. The property is currently 82.8 percent leased to a diverse mix of tenants, per Yardi Matrix data.
In March, NXT Capital provided acquisition financing for an Orlando-area office building sold by The Praedium Group. TerraCap Management paid nearly $14 million for the 150,000-square-foot asset.