ATLANTA—Parkwood Plaza, a 210,919-square-foot, office building, has secured refinancing. HFF arranged a $20.6 million refi for the class A Atlanta office building.
Specifically, HFF senior managing director Mark Sixour and associate director Bill Ireland secured a 10-year, fixed-rate securitized loan through The Goldman Sachs Group. The loan is a refinance of a previous conduit loan.
Parkwood Plaza is located at 1300 Parkwood Circle, off Powers Ferry Road, and close to Interstates 75 and 285 in the Cumberland/Galleria submarket of Atlanta. The nine-story property is 86.4% leased.
“Parkwood Plaza is one of the top office buildings in this under-appreciated node within the Cumberland/Galleria submarket,” Ireland tells GlobeSt.com. “This area along Powers Ferry Road offers excellent access to Interstate 75 and Interstate 285, an abundance of nearby retail amenities, and strong demographics.”
As an example, Ireland points to the average household income within a five-mile radius. That figure is 23% higher than the metro average, and more than 53% of the residents have at least a college degree, providing a strong workforce, according to HFF's data.
“It's no wonder that a number of Fortune 500 companies choose to have a major presence in the area,” Ireland says. “We've seen some strong net absorption trends among the class A office buildings within this node during 2012.”
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