ATLANTA—Three Ravinia, an 817,000-square-foot, 31-story, class A office tower in Atlanta, has traded hands. HFF's debt placement team of senior managing director Ed Coco and senior real estate analyst Matt Casey arranged $115.5 million in acquisition for the buyer.
HFF represented Preferred Office Properties, an indirect wholly-owned subsidiary of Preferred Apartment Communities, in securing a 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 4.46% per year.
“We were excited to find the right lender who could move quickly and structure a long-term loan that fit the tenant profile and building strategy,” Coco tells GlobeSt.com.
“Atlanta continues to benefit from strong job growth and corporate relocations and expansions. Three Ravinia is uniquely positioned for the future as the Central Perimeter submarket expects to benefit from its accessible location and planned infrastructure improvements.”
The property's Central Perimeter submarket just north of Interstate 285 and just east of Ashford Dunwoody Road and the Perimeter Mall offers easy access to public transit at the Dunwoody MARTA station. The trophy property is 98% leased to a strong tenant roster, including InterContinental Hotels Group and State Farm, with an average remaining lease term of 10 years. On-site amenities include 24-hour security, concierge services, a conference facility, indoor conservatory and café.
Speaking of trophy sales, read more about one of the largest in 2016. Atlanta also recently saw back-to-back trophy multifamily sales.
ATLANTA—Three Ravinia, an 817,000-square-foot, 31-story, class A office tower in Atlanta, has traded hands. HFF's debt placement team of senior managing director Ed Coco and senior real estate analyst Matt Casey arranged $115.5 million in acquisition for the buyer.
HFF represented Preferred Office Properties, an indirect wholly-owned subsidiary of Preferred Apartment Communities, in securing a 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 4.46% per year.
“We were excited to find the right lender who could move quickly and structure a long-term loan that fit the tenant profile and building strategy,” Coco tells GlobeSt.com.
“Atlanta continues to benefit from strong job growth and corporate relocations and expansions. Three Ravinia is uniquely positioned for the future as the Central Perimeter submarket expects to benefit from its accessible location and planned infrastructure improvements.”
The property's Central Perimeter submarket just north of Interstate 285 and just east of Ashford Dunwoody Road and the Perimeter Mall offers easy access to public transit at the Dunwoody MARTA station. The trophy property is 98% leased to a strong tenant roster, including
Speaking of trophy sales, read more about one of the largest in 2016. Atlanta also recently saw back-to-back trophy multifamily sales.
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