Ardent Companies Secures $284M for Purchase, Refi Deal in Buckhead
Upon the acquisition of the 300,000-square-foot Piedmont Center 14, The Ardent Companies’ ownership within Piedmont Center totals 10 buildings and approximately 1.7 million square feet on 32.8 acres in the Buckhead section of Atlanta.
ATLANTA—Locally-based The Ardent Companies has secured $284 million in financing for the purchase of the Piedmont Center 14 office building, as well as the recapitalization of its approximately 1.4 million square feet in other holdings within the Piedmont Center office park here.
The acquisition and refinancing deal was announced by brokerage firms HFF and Cushman & Wakefield, which worked on behalf of The Ardent Companies to secure the floating-rate loan through a Brookfield-sponsored real estate debt fund.
Upon the acquisition of the 300,000-square-foot Piedmont Center 14, The Ardent Companies’ ownership within Piedmont Center totals 10 buildings and approximately 1.7 million square feet on 32.8 acres in the Buckhead section of Atlanta. Piedmont Center offers a mix of mid- and high-rise offerings in a park-like setting just blocks from the heart of Buckhead and in close proximity to Georgia 400 and MARTA.
Piedmont Center boasts a diverse rent roll totaling more than 160 tenants, anchored by Kaiser Foundation Health, N3, LLC and Aldridge Pite. The Ardent Companies plans a capital improvement program for the property, according to the C&W, HFF joint financing announcement.
The team representing the borrower included HFF senior managing director Ed Coco, director Matt Casey executive managing director Michael Ryan, executive director Brian Linnihan and C&W senior director Richard Henry.
“With the acquisition of Piedmont 14, The Ardent Companies has expanded their holdings within Piedmont Center to complement and enhance their previous acquisitions in 2016 and 2017,” HFF’s Coco says. “Following the recent renewal of Kaiser and additional leasing successes across the park, we were extremely pleased to be able to participate in the efforts to arrange financing that provides accretive capital and simplifies the capital structure as The Ardent Companies continues to execute their business plan to recognize synergies and create additional value at Piedmont Center.”