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ATLANTA-Miami-based American Capital Partners has received $56 million to refinance Piedmont Fourteen. The 16-story, 305,000-sf class A office tower is at 3535 Piedmont Rd.

The financing was arranged by Newport Beach, CA-based Buchanan Street Partners, which structured a 10-year fixed rate loan through RBC Capital Markets. The loan enables American Capital Partners to replace an existing mortgage with higher leverage debt and significantly lower cost of capital. The loan features a full-term, 10-year interest-only provision, which allows for increased cash flow distributions.

“We were able to leverage our strong relationships with key decision makers at RBC to put together an aggressively structured financing solution that closed within 30 days of execution of the loan application,” says Buchanan Street Partners vice president Jed Gates.

Gates tells GlobeSt.com that the refinancing was a recapitalization of the property. “The opportunity for the borrower was twofold, to increase the underlying leverage of the property and to decrease the cost of capital,” he says.

Piedmont Fourteen is part of Piedmont Center in the Buckhead submarket. According to a Colliers International market report, Buckhead experienced the highest increases in office rental rates during the third quarter 2006 of any submarket in Atlanta. “Atlanta has the largest concentration of office product in the Southeast US,” says Buchanan Street Partners managing partner Tom Sherlock. “Atlanta is a priority market for our target transactions between $25 to $200 million, and also provides joint-venture equity opportunities.”

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