Square Mile Capital Provides $60M Loan Secured by Atlanta Office Building
"With new capital made available through this financing and positive momentum in the Midtown market, we feel the property is well positioned for continued success," says Square Mile Capital's Eric Cohen.
ATLANTA, GA—Square Mile Capital Management has originated a $60 million loan secured by 1355 Peachtree, a 20-story office building located in the Midtown submarket of Atlanta, GA.
The loan was made to funds and accounts managed by Oaktree Capital Managementand a borrower affiliated with Banyan Street Capital. It includes proceeds to repay existing debt and fund future leasing costs and capital expenditures at the property. The financing was arranged by Chris Campbell and Daniel Allman of Eastdil Secured’s Atlanta office.
“We are pleased to develop new ties with Oaktree and continue our lending relationship with Banyan Street, an experienced owner and operator with a strong track record in the Atlanta market,” says Square Mile Capital vice president Eric Cohen. “Since its acquisition of the property in 2015, the partnership has modernized the property and successfully executed on its leasing plan. With new capital made available through this financing and positive momentum in the Midtown market, we feel the property is well positioned for continued success.”
The property is located in the Midtown submarket of Atlanta, providing convenient access and walkability to Arts Center MARTA Station, Colony Square and various other entertainment, dining, and cultural destinations. The building offers first-class amenities including a conference facility, concierge services, a fitness center, and an underground parking facility and is leased to an institutional tenant roster across a range of industries.