ATLANTA, GA and NEWPORT BEACH, CA--(Marketwired - Oct 31, 2013) - Buchanan Street Partners announces the financing of Peachtree Pointe, a 472,000-square-foot Class-A property in Atlanta's Midtown submarket. The mixed-use project, which includes the global headquarters for Invesco, includes two office towers and a retail component, Gallery Uptown. The property is owned by Dewberry Capital of Atlanta.
Buchanan Street arranged a floating rate debt structure that consolidated maturing debt from various lenders and enabled additional capital for leasing costs. Buchanan Street utilized Wells Fargo to finance a $63 million senior tranche of the first mortgage, and retained the senior mezzanine piece of $24.5 million for its own account. Terra Capital funded the remaining $7.5 million in a junior mezzanine participation loan.
"The high quality asset, including the credit strength of Invesco as the major tenant, and the multiple property aspect of the portfolio all contributed to make this a well-collateralized investment," said Mike Hurst, senior director of investments at Buchanan Street Partners. "The property is located in one of Atlanta's best submarkets, with a sponsor in Dewberry Capital that is well-regarded within the Midtown market sector."
About Buchanan Street Partners
Buchanan Street Partners is an institutional real estate investment management firm based in Newport Beach, Calif. that invests in value-add real estate assets through both equity and debt investment strategies. www.buchananstreet.com
Contact Information:
Contact:
Kira Sarkisian | Randy Hall
714-263-8729 | 714-263-8723
kira@ideahall.com
randy@ideahall.com
