Iconic Atlanta Office Tower Receives $156M Financing
- Jan 10, 2017
Atlanta—HFF has arranged $115 million in acquisition financing for Three Ravinia Drive, a Class A office tower in Atlanta. The company secured the loan on behalf of Preferred Office Properties, a wholly-owned subsidiary of Preferred Apartment Communities Inc.
HFF Senior Managing Director Ed Coco and Senior Real Estate Analyst Matt Casey led the debt placement team representing the borrower, securing the non-recourse acquisition loan through John Hancock Real Estate Finance Group. The loan will mature in 25 years and will bear interest at a fixed rate of 4.4 percent per year. “This transaction presented a unique opportunity for Preferred Office Properties to grow into the Atlanta market with scale, acquiring a well-known trophy asset,” said Ed Coco in a prepared statement.
Located at 3 Ravinia Drive, the 817,000-square-foot office building was completed in 1991 and is LEED-Certified. The 31-story high-rise features 24-hour security, concierge services, meeting spaces, a café and 2616 parking spaces. Ground floor retail is also available. The property was 98 percent leased at the time of the sale, its tenants list including InterContinental Hotels Group and State Farm.
The location of the building offers easy access to public transit via the Dunwoody MARTA station, being situated just north off I-285 and east of Ashford Dunwoody Road and the Perimeter Mall.
Image courtesy of kendall-heaton.com