Search
 

Half Empty Office Tower Wins $72M Refi

ATLANTA—Buchanan Street Partners made the loan on the former Bell South headquarters building. Find out why the lender thought it was a good bet.

By Jennifer LeClaire | Updated on April 17, 2014

ATLANTA—Despite massively low occupancy, Campanile, a 20-story class A office building in Midtown Atlanta, has won investor confidence. The former Bell South headquarters has secured a $72 million loan. The building is 50% leased.

Buchanan Street Partners, a lender for core plus and value-add income properties, made the loan on the 445,280-square-foot office building. Buchanan’s non-recourse first mortgage retires existing financing and gives Dewberry Capital, which has owned the property since 2010, new funds for leasing costs.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.