ATLANTA—Despite massively low occupancy, Campanile, a 20-storyclass A office building in Midtown Atlanta, has won investorconfidence. The former Bell South headquarters has secured a $72million loan. The building is 50% leased.

|

Buchanan Street Partners, a lender for coreplus and value-add income properties, made the loan on the445,280-square-foot office building. Buchanan's non-recourse firstmortgage retires existing financing and gives DewberryCapital, which has owned the property since 2010, newfunds for leasing costs.

|

“We were attracted to the high quality of this asset, the strongcredit of its anchor tenants and its central location in a positivetrending submarket,” says Bob Dougherty, partnerat Buchanan. “Dewberry Capital is well-regarded for its expertisein Midtown, and we were able to meet their needs for an expeditiousclosing while devising a capital structure that was advantageous toall.”

|

Located at the intersection of 14th and Peachtree Streets,Campanile is a landmark Midtown office building that has undergonesignificant capital improvements over the past three years.Renovations include exterior upgrades to modernize the roof lines,energy efficient glass, a new digitally controlled HVAC system,upgraded chillers and cooling towers, and a complete replacement ofthe elevator systems and controls. The lobby and common areas havebeen modernized with upgraded lighting and new furnishings.

|

This is the second loan Buchanan has made to Dewberry in thepast six months. The lender provided a $95 million loan in October2013 to refinance Dewberry's Peachtree Pointe and Gallery Uptowncomplex at Pershing Point.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.