HFF Arranges $115.5M Financing for Three Ravinia in Atlanta
Tuesday, January 10th, 2017
Holliday Fenoglio Fowler, L.P. announced that it has arranged $115.5 million in acquisition financing for Three Ravinia, an 817,000-square-foot, 31-story, Class A office tower in Atlanta, Georgia.
HFF worked on behalf of Preferred Office Properties, an indirect wholly-owned subsidiary of Preferred Apartment Communities, Inc., to secure a non-recourse acquisition loan through John Hancock Real Estate Finance Group that will mature in 25 years and will bear interest at a fixed rate of 4.46 percent per annum.
The property is situated at 3 Ravinia Drive within the Ravinia office complex in northern Atlanta’s Central Perimeter submarket. This location, just north of Interstate 285 and just east of Ashford Dunwoody Road and the Perimeter Mall, has easy access to public transit at the Dunwoody MARTA station. The trophy property is 98 percent leased to a strong tenant roster, including InterContinental Hotels Group and State Farm, with an average remaining lease term of approximately 10 years. On-site amenities include 24-hour security, concierge services, a conference facility, indoor conservatory and café.
The HFF debt placement team representing the borrower was led by senior managing director Ed Coco and senior real estate analyst Matt Casey.
“This transaction presented a unique opportunity for Preferred Office Properties to grow into the Atlanta market with scale, acquiring a well-known trophy asset,” Coco said. “We were very pleased to be engaged in the bidding process to source attractive debt financing that was instrumental in their successful acquisition of the property and fit squarely within their strategy for the asset.”
“HFF did an excellent job once again, helping us find the right lender partner and locking in a historically-low fixed interest rate for 25 years,” added Boone DuPree, Chief Executive Officer for Preferred Office Properties.