Selig JV Lands $245M Refi for Atlanta Office Building
Deutsche Bank is the trustee.
A joint venture between Selig Enterprises and the State Board of Administration of Florida has obtained $245 million in refinancing for 1105 West Peachtree, a 653,525-square-foot office building in Atlanta, according to a Morningstar DBRS report. Deutsche Bank National Trust Co. is the trustee.
Trimont LLC is the master servicer, while KeyBank National Association is the special servicer. The loan, along with $10.9 million of equity, will refinance $243.7 million of existing debt and establish $11.2 million of reserves for outstanding tenant improvements and abatements, along with closing costs.
In 2019, the ownership obtained a $303 million loan from Development Authority of Fulton County, according to Yardi Matrix information. The 31-story tower came online in 2021.
Located at 1105 W. Peachtree St. NW, the building is close to Georgia Institute of Technology and Interstate 85. Downtown Atlanta is 2 miles away, while Hartsfield-Jackson Atlanta International Airport is 11 miles southwest.
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The high-rise is part of a larger mixed-use development that also includes a 178-key hotel and a 64-unit condominium building. The building was 95.4 percent leased at the time of deal and is primarily occupied by Google, which uses the space as its Southwest regional headquarters.
The tower has floorplates ranging from 18,000 to 27,000 square feet. Additionally, the LEED Silver-certified building also features 20,000 square feet of retail space, a conference center and a fitness center, as well as a 28,000-square-foot sky terrace on the ninth floor.
Loan office originations see uptick
Office loan originations surged 181 percent year-over-year in the third quarter, according to a Mortgage Bankers Association report, underscoring a rebound aligned with broader shifts in office real estate trends. On a quarterly basis, volume went up 67 percent.
During the same period, The Durst Organization secured a $1.3 billion refinancing loan for One Five One, its 1.8 million-square-foot office tower in Times Square. The CMBS loan was co-originated by Wells Fargo Bank, JP Morgan Chase Bank, National Association, and Bank of America.
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