ATLANTA—PCCP has placed a $30 million senior loan to refinance an office building in Atlanta’s Cumberland/Galleria submarket. Located at 5660 New Northside, the class A office building spans 272,650-square feet and is 93% leased. Banyan Street Capital lead an equity consortium to refinance existing debt on the asset.

“PCCP was attracted to this deal because of the quality of the asset, tenancy, sponsorship, and highly visible location,” Barrie Bloom, a vice president at PCCP, tells GlobeSt.com. Built in 1989, the 14-story office building sits on a 6.22-acre site. In addition to surface parking, the property has four-level parking deck that can host 929 vehicles.

The office building was initially purchased by the equity consortium as part of a southeastern U.S. office portfolio acquisition. At that time the property was 67% occupied.

"The ownership plans to evaluate several opportunities to extend and renew some leases as well as work with several tenants who have expressed a desire to potentially expand their space," Bloom said. “The potential to add more value to the property by strengthening the rent roll is great as the combination of an ideal location, quality of the building, and its management are all in place for short- and long-term success for the office tower."

The property is located alongside I-285, where more than 200,000 vehicles see it daily. The the office building's location on I-285 also offers access to I-285, I-75, GA 400 and the surrounding surface streets, which all offer visibility of the building.

Bloom said the Atlanta office market appears to be improving. The lack of new supply coming online coupled with the healthy long-term demand in Atlanta have attracted PCCP’s attention. The Cumberland / Galleria submarket is home to a diverse mix of nearly 200 corporations.

“There has been minimal development in the past eight years within this submarket with no construction planned,” Bloom says. “Occupancy within the class A buildings of the submarket has improved since the financial crisis began, and the building trades over the past year further illustrate that the market continues to attract institutional capital from both an investor and tenant perspective.”