Mixed-Use Buckhead Place Development in Atlanta Gets $50M Refi
- Mar 05, 2012
March 5, 2012
By Nicholas Ziegler, News Editor
Buckhead Place, a mixed-use development in the Buckhead submarket of Atlanta, has just seen a $50 million permanent financing arranged by CBRE Group Inc.’s capital markets team. The debt & equity finance team of CBRE’s Atlanta represented the development’s owner, Buckhead Place L.L.C. through the company’s partner, Coro Realty Advisors.
The loan was placed through Nationwide Life Insurance Co., CBRE’s longtime correspondent lender, below a 4 percent interest rate.
Buckhead Place, located at the southwest corner of Peachtree Road and Piedmont Road in the Buckhead submarket, is a mixed-use development comprised of residential, retail, restaurant and hospitality tenants. Built near the main entrance of the retail site in 2009, 05 Buckhead is a 21-story luxury high-rise apartment building with 155 units. Longstanding Buckhead Place retailers include Marshall’s, LA Fitness and restaurant Gordon Biersch, which encompass 137,181 square feet of the project. Hyatt Place was constructed in 1996 on the corner of the prominent intersection and features 171 guest rooms.
“This corner is Atlanta’s most sought-after address for almost any type of real estate which made lender activity brisk,” William Tyler, senior vice president with CBRE, said. “The recent office overbuilding gave a few lenders some pause, but the rapid absorption has brought the true believers back. Buckhead Place has been under the same ownership and virtually debt free for three decades. The owner decided rates were low enough for 50 percent leveraging of the development.”
CBRE’s financing group has been busy of late. Just last week, the firm arranged $181 million for the first two phases of the Sentinel Square development in Washington, D.C., on behalf of Trammell Crow Co., Crow Holdings Capital Partners L.L.C. and Cottonwood Partners.