{"id":1004179200,"date":"2017-06-06T07:52:56","date_gmt":"2017-06-06T15:52:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004179200"},"modified":"2022-12-08T21:50:32","modified_gmt":"2022-12-09T05:50:32","slug":"715-peachtree-in-atlanta-lands-62m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/715-peachtree-in-atlanta-lands-62m-refi\/","title":{"rendered":"715 Peachtree in Atlanta Lands $62M Refi"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004179201\" style=\"width: 437px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/715-Peachtree.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004179201\" data-attachment-id=\"1004179201\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/715-peachtree-in-atlanta-lands-62m-refi\/715-peachtree\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/715-Peachtree.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" 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;1&quot;}\" data-image-title=\"715 Peachtree\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;715 Peachtree&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/715-Peachtree.jpg?w=800\" class=\"wp-image-1004179201\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/715-Peachtree.jpg\" alt=\"715 Peachtree\" width=\"427\" height=\"331\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/715-Peachtree.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/715-Peachtree.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/715-Peachtree.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 427px) 100vw, 427px\" \/><\/a><p id=\"caption-attachment-1004179201\" class=\"wp-caption-text\">715 Peachtree<\/p><\/div>\n<p>Carter and PCCP LLC secured $61.9 million in financing for the 715 Peachtree office building in Midtown Atlanta. Jonathan Rice and Jeff Ackemann of CBRE&#8217;s Debt &amp; Structured Finance team led the capital market efforts for the three-year bridge loan provided by KKR &amp; Co. LP.\u00a0<\/p>\n<p>The financing will enable Carter to pay an existing loan used for property renovations, while also providing for tenant improvements and leasing capital.\u00a0<\/p>\n<p>The 10-story, 318,450-square-foot Class A office building is home to tenants such as Honeywell and Spaces, Land of a Thousand Hills, Stone Summit and Bareburger. According to Yardi Matrix, Carter purchased 715 Peachtree in July 2015 for $43 million from Arthur L. Walters &amp; Co., which owned the property since 1997. Originally completed in 1971, the building underwent a complete cosmetic renovation in 2016. The property currently has a vacancy rate of 57.2 percent and has eight spaces available, totaling 196,834 square feet.\u00a0<\/p>\n<p><em>\u201cThis transaction represents the final stabilization of this notable asset and is a milestone in Carter\u2019s business plan,\u201d<\/em> said Rice, senior vice president, CBRE Capital Markets, in prepared remarks.<em> \u201cIt was a great execution among all parties and a competitive process, and ultimately speaks to the goals of KKR, a recent entrant to real estate finance and the Atlanta market.\u201d<\/em><\/p>\n<p>CBRE\u2019s Eric Ross, Clark Gore and Sabrina Gibson <a href=\"https:\/\/www.commercialsearch.com\/news\/cbre-secures-119-ksf-oakland-industrial-lease\/\">manage leasing<\/a> for 715 Peachtree on behalf of Carter and CBRE\u2019s Asset Services team manages the building.<\/p>\n<p><em>Image courtesy of CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The loan will allow Carter and PCCP to repay existing debt on the property, while also providing for tenant improvements and leasing capital.<\/p>\n","protected":false},"author":746,"featured_media":1004179201,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21825,21742,21747],"tags":[35955,32789,35956,33053],"class_list":["post-1004179200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-finance","category-latest","category-office","tag-carter-real-estate","tag-cbre","tag-kkr-company-lp","tag-pccp-llc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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She has a background in Journalism and joined the team in 2016. She produces the MHN Daily newsletter, manages byline content, oversees the Research Center for both brands and hosts the Multifamily's Top Marketers podcast. 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