CBRE Brokers $82M Refi of Atlanta Office Complex
An affiliate of DRA Advisors, a pension fund, refinanced their debt on the University Office Park in Atlanta, Mortgage Observer has first learned. The $82 million loan from J.P. Morgan Chase was brokered by Shawn Rosenthal of CBRE.
“The floating rate loan is competitively priced,” Mr. Rosenthal said, declining to provide other terms of the deal. The previous loan had matured, he said.
The park, at 2951 Flowers Road South in Atlanta, consists of 21 buildings and sports a total of 1 million square feet of space. The landlord is in the midst of repositioning the asset, Mr. Rosenthal said.
DRA Advisors is asking about $18 per square foot for space at the tower, according to CBRE’s website (CBRE is also the leasing agent).
DRA Advisor’s Growth & Income Fund VI acquired Worldwide Plaza, a massive Midtown Manhattan office property, in 2009 for $590 million, in a partnership with other investors. American Realty Capital New York Recovery bought a 48.9 percent equity interest in the asset for $220.05 million last year.
J.P. Morgan did not immediately respond to a request for comment.