{"id":1004161416,"date":"2016-12-09T07:04:52","date_gmt":"2016-12-09T15:04:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004161416"},"modified":"2022-12-07T04:11:42","modified_gmt":"2022-12-07T12:11:42","slug":"pac-to-acquire-iconic-atlanta-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pac-to-acquire-iconic-atlanta-office-tower\/","title":{"rendered":"PAC to Acquire Iconic Atlanta Office Tower"},"content":{"rendered":"<p><em>By Evelina Croitoru<\/em><\/p>\n<div id=\"attachment_1004161417\" style=\"width: 325px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/7933.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004161417\" data-attachment-id=\"1004161417\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pac-to-acquire-iconic-atlanta-office-tower\/attachment\/7933\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/7933.jpg\" data-orig-size=\"640,800\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"7933\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/7933.jpg?w=640\" class=\"wp-image-1004161417 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/7933.jpg\" alt=\"Three Ravinia Drive\" width=\"315\" height=\"394\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/7933.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/7933.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 315px) 100vw, 315px\" \/><\/a><p id=\"caption-attachment-1004161417\" class=\"wp-caption-text\">Three Ravinia Drive<\/p><\/div>\n<p><strong>Atlanta<\/strong>\u2014Preferred Apartment Communities Operating Partnership LP,\u00a0Preferred Apartment Communities Inc.&#8217;s (PAC)\u00a0operating partnership,\u00a0has committed to acquire Three Ravinia Drive, a Class A office building in\u00a0the Central Perimeter submarket of Atlanta. The deal is pursuant to a signed Agreement of Purchase and Sale with SPUS6 Three Ravinia LP.<\/p>\n<p>The company intends to fund the transaction with planned debt financing and a combination of borrowings under the company&#8217;s senior secured credit facility with KeyBank National Association, net proceeds\u00a0from additional issuances, proceeds from anticipated disposition of certain assets as well as\u00a0cash on hand. PAC has submitted its loan application and locked the interest rate with\u00a0John Hancock. Hancock will provide a non-recourse first mortgage loan on the property at roughly 55 percent of the gross purchase price that remains undisclosed.<\/p>\n<p>Located at 3 Ravinia Drive, the LEED Certified building encompasses 813,748 square feet and is 98 percent leased. Tenants include\u00a0InterContinental Hotels Group and State Farm, with average remaining lease terms of approximately 10 years.<\/p>\n<p>&#8220;Three Ravinia is a trophy asset, which we believe will be a very substantial contributor to PAC&#8217;s earnings,&#8221; John Williams, PAC&#8217;s chairman &amp; CEO, said in prepared remarks. &#8220;Our primary focus remains on owning and operating multifamily communities, although, we will continue to consider on a limited basis compelling opportunities outside our core multifamily business, such as Three Ravinia, where we have significant management expertise,&#8221; added Leonard Silverstein, PAC&#8217;s president &amp;\u00a0COO.<\/p>\n<p>According to Yardi Matrix data, the property traded for $145 million back in 2013. CBRE was the buyer, and Colonial Properties Trust the seller.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company that focuses on operating multifamily communities started considering opportunities outside the firm\u2019s core business.<\/p>\n","protected":false},"author":1055,"featured_media":1004161417,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21743,21742,21747],"tags":[32789,33088,33087],"class_list":["post-1004161416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-deals","category-latest","category-office","tag-cbre","tag-colonial-properties-trust","tag-preferred-apartment-communities-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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