By Timea Papp
Cushman & Wakefield (C&W) arranged financing for Miami-based KAS Partners’ acquisition of Phoenix Business Park in Atlanta, and Kings Landing Office Center in Roswell, Ga. Senior Director Jason Hochman of C&W’s South Florida commercial team worked on behalf of the borrower in securing the loans.
Hochman arranged a $7.2 million fixed-rate mortgage with an interest-only period for Phoenix Business Park, originated by Citibank, Yardi Matrix shows. The financing is set to mature in October 2022. The second loan is a $5.3 million fixed-rate financing with flexible pre-payment options secured for Kings Landing Office Center, originated by Continental Casualty Co. and scheduled to mature in January 2022.
Strong leasing activity
Located at 2700 Northeast Expressway NE, Phoenix Business Park is a three-building complex totaling 110,607 square feet of office and flex space. The location provides direct frontage along Interstate 85 with access to Atlanta’s major highways. KAS Partners acquired the asset in a $10.3 million deal in August. Phoenix Business Park was 96 percent occupied at the time of the sale.
Kings Landing Office Center consists of a 77,381-square-foot, single-story office building located at 1455 Old Alabama Road. Completed in 1999, the property was 89 percent occupied at the time of the sale. KAS Partners purchased the asset for $7.9 million earlier this year in May.
“While both properties were near fully occupied, the business plans for each were different,” said Hochman, in a prepared statement. “Both loans had fixed rates, but each required a different structure that we ultimately found with two different lenders.”
Cushman & Wakefield recently secured an $11.2 million financing for a six-building, 184,387-square-foot portfolio within Park Central Business Park in Pompano Beach, Fla. Hochman represented property owner KEI Properties in securing the mortgage.
Images courtesy of Cushman & Wakefield, Yardi Matrix