ATLANTA-Locally based Richard Bowers & Co. has secured a $40-million permanent loan for a 307,000-sf office at 260 Peachtree. The firm purchased the 27-story building in 1999 and began renovations in 2000 to bring it to class A standards.

The financing was handled through Laureate Capital with Bridger Commercial Lending serving as the conduit lender. Bowers & Co founder and president Richard Bowers tells GlobeSt.com that the loan was a three-year conduit loan at a rate of under 6%. "We were able to get a loan at approximately $133 per sf at a favorable rate. This reflects the level of occupancy we've been able to achieve at the building."

Under the renovations, common areas were refurbished and the building's exterior was replaced with low-energy, double-pane insulated, green reflective glass. Other improvements include a total redesign of the lobby, upgraded electrical systems, a new HVAC system and an underground connection between 260 and the adjacent 270 Peachtree property, which is also owned by Bowers. The underground connection accommodates parking for both buildings.

The building is currently 93% leased to tenants including Regions Bank, Fidelity National Bank, CoreNet Global's corporate headquarters, Liz Clairborne and Atlanta Magazine. Bowers adds that renovations to the lobby of 270 Peachtree are currently under way. "These two buildings are as strategically located as possible."