Simpson Organization Scores $48M Recap for Atlanta Office Portfolio
- Feb 25, 2020
The Simpson Organization has received $48.4 million in financing for the recapitalization and lease-up of Sterling Pointe, a two-building, 348,399-square-foot office portfolio in Atlanta’s Central Perimeter.
PCCP LLC provided the bridge loan due to mature in 2023, according to Yardi Matrix data. The Simpson Organization purchased the Class A asset in 2015 for $53.4 million from Rubinstein Partners.
Developed in 1982 and 1989 respectively, Sterling Pointe I and II sit on nearly 8 acres at 301 and 303 Perimeter Center N. The seven- and eight-story buildings feature a combined retail space of 18,200 square feet, 1,155 structured parking spaces and a 7,000-square-foot outdoor space. Amenities include a café and fitness center. In 2018, the ownership invested $2 million in capital renovations at the property, which is currently 42 percent leased. Improvements targeted the lobby, common areas, as well as the on-site amenities.
Sterling Pointe is situated about 15 miles north of downtown and some 13 miles from Midtown Atlanta, home to one of the largest privately capitalized developments in the city’s history.