SOURCE: Buchanan Street Partners
ATLANTA, GA and NEWPORT BEACH, CA--(Marketwired - May 1, 2014) - Buchanan Street Partners, a nationwide lender for core plus and value-add income properties, has made a $72 million loan secured by Campanile, a 20-story Class A office building in Midtown Atlanta, GA. The loan represents Buchanan's expanding lending presence and reflects the company's ongoing strategy to provide financing for institutional-grade real estate needing new capital to realize full investment potential.
Campanile, the former headquarters for Bell South, is a 445,280-square-foot office building that was 50% leased at funding. Buchanan's non-recourse first mortgage retired existing financing and provides owner Dewberry Capital, which has owned the property since 2010, new funds for leasing costs.
The loan was Buchanan's second to Dewberry in the past six months. Buchanan provided a $95 million loan in October 2013 to refinance Dewberry's Peachtree Pointe and Gallery Uptown complex at Pershing Point.
Campanile, located at the intersection of 14th and Peachtree Streets, is a landmark Midtown office building that has undergone significant capital improvements over the past three years. These include exterior upgrades to modernize the roof lines, energy efficient glass, a new digitally controlled HVAC system, upgraded chillers and cooling towers, and a complete replacement of the elevator systems and controls. The lobby and common areas have been modernized with upgraded lighting and new furnishings.
"We were attracted to the high quality of this asset, the strong credit of its anchor tenants and its central location in a positive trending submarket," said Bob Dougherty, partner at Buchanan Street Partners. "Dewberry Capital is well-regarded for its expertise in Midtown, and we were able to meet their needs for an expeditious closing while devising a capital structure that was advantageous to all."
Buchanan Street provides first mortgage capital and structured financings for high quality commercial and multi-family properties nationwide. The firm, founded in 1999, is experienced in delivering competitive debt and equity capital structures that help owners maximize the value of their real estate.
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