ATLANTA—Portman Holdings is rolling up itssleeves in Atlanta's office market, acquiring and repositioning a27-story, 414,768-square-foot office tower in Downtown Atlanta. Theoffice asset, which sits on a strategic location at 230 PeachStreet, is only 46% occupied.
PCCP provided a senior loan to theAtlanta-based developer to make the acquisition and beginrepositioning the tower for success. Portman was the originaldeveloper of 230 Peachtree in 1965.
“Atlanta is showing strength in both the office and hotelsectors,” says Kevin Chin, vice president withPCCP. “We believe this is an attractive loan given the quality andlocation of the asset, the in-place cash flow, and the strength andexperience of Portman Holdings.”
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