ATLANTA, GA, September 16, 2013 - HFF announced today that it has arranged $114 million in non-recourse financing for Promenade, a 775,089-square-foot, Class A office tower in Atlanta`s Midtown submarket.
HFF worked on behalf of the borrower, Cousins Properties Incorporated, to secure the nine-year fixed-rate mortgage loan, which is non-recourse to Cousins, through Northwestern Mutual. The property was previously unencumbered with debt.
Promenade is situated along Peachtree Street, in the epicenter of Midtown, and adjacent to The Four Seasons, Colony Square and the High Museum. Recently renovated by Cousins, the property was originally constructed in 1990 as a build-to-suit for AT&T, and also includes a 2,054-space parking garage. Today, the building is 87 percent leased with minimal near term rollover.
The HFF team representing Cousins was led by senior managing director Mark Sixour and associate director Bill Ireland.
Cousins Properties Incorporated is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA, primarily invests in Class A office towers located in high growth Sunbelt markets, with a focus on Georgia, Texas and North Carolina.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.
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Source: HFF, Inc. via Thomson Reuters ONE