NXT Capital Closes $55M Loan for Cumberland Center II Acquisition
As previously reported by GlobeSt.com, New York-based PCCP acquired Cumberland Center II for $68.3 million in May 2018.
ATLANTA, GA—Chicago-based NXT Capital closed a $55 million first mortgage loan to finance the acquisition of Cumberland Center II, a 419,000 square-foot, class-A office building located in Atlanta, GA.
As previously reported by GlobeSt.com, New York-based real estate investment firm PCCP acquired Cumberland Center II, a 17-story office tower located at 3100 Cumberland Blvd SE, in May 2018.
PCCP paid Crocker Partners $68.3 million, or about $179 per square foot, for the property, according to Real Capital Analytics, a proprietary research database.
Located in the Cumberland/Galleria submarket, Cumberland Center II is located less than one mile away from Cobb Parkway, Interstate 285 and Interstate 75. Cumberland Center II benefits from its proximity to Cumberland Mall, The Battery Atlanta, which is home to the Atlanta Braves, and numerous restaurants and retail centers.
C.J. Kelly, Porter McDonald and Jeff Ackemann in the Atlanta office of CBRE placed the loan with NXT Capital. NXT Capital’s Real Estate Finance group provides non-recourse first mortgages of $10 million to $75 million for major-market properties with initial DSC greater than 1.0x. NXT Capital provides structured financing solutions through its Real Estate Finance and Corporate Finance groups, originating transactions on a national basis.