ATLANTA—As Atlanta’s office market shows improvement, assets like Powers Ferry Business Park are winning refis. The five-building, 256,600-square-foot multi-tenant office park just closed a $15 million first mortgage. Meanwhile, trophy assets in Atlanta are in high demand.

Grandbridge Real Estate Capital’s Jacksonville office closed the deal. Grandbridge senior vice president Taylor Williams handled the loan, which was funded through AIG Global Real Estate. The 10-year fixed rate mortgage closed with a 4.6% interest rate and is interest-only for the first 24 months, amortizing on a 30-year schedule thereafter.

Beyond refis, the Atlanta market is also seeing some traction with trades. Six trophy properties—located in the Buckhead, Midtown and Central Perimeter areas—are either on the market, under contract or have recently closed. A good example is Prudential Real Estate Investors' recent purchase of the 20-story 10 Peachtree Place in Midtown for more than $61 million, or $236 per square foot. The cap rate for the sale was 7.1%.

“As we close the second quarter of 2012, core and core-plus office properties in Atlanta are being aggressively pursued by institutional investors,” Gary Lee, managing director and principal at Cassidy Turley, tells GlobeSt.com. “They are seeking low-risk investments in our market that provide a higher yield than similar assets in the gateway markets of Boston, New York, San Francisco and Washington D.C.”