The rating is based on what analysts call the "strong performance" of the firm's Downtown Bank of America Plaza which has a 27% loan to value and a debt service coverage that is 3.64 times its debt service coverage.
CSC is a partnership of Cousins Properties and Bank of America formed in 1989. Each partner maintains a 50% ownership in the project.
The notes are secured by a first mortgage on the 55-story, 1.2 million sf class A office building that was constructed in 1992. It is located on 3.7 acres and includes a dining facility, retail bank, health club, 14,000 sf conference center and underground parking.
Bank of America Plaza is 100% occupied with 11 tenants. Average base rent for the property is $21.81 per sf. Bank of America is the largest tenant, leasing 45% of the building. Its lease expires in 2012.
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