Square Mile Lends $121M on Atlanta Office Towers
Square Mile Capital Management has provided a $121.2 million loan to America’s Capital Partners (ACP) for Towers at Wildwood Plaza—a two-building, 719,000-square-foot office complex in Atlanta, the lender announced today.
An entity controlled by Coral Gables, Fla.-based ACP acquired property from CBRE Global Investors in August 2014, paying $115 million according to an article by Bizjournals. Square Mile’s loan repays existing debt on the property and funds future leasing costs.
Towers at Wildwood Plaza is at 3200 Windy Hill Road SE and comprises two interconnected 15-story office towers, designed by I.M. Pei in 1991. The property is over 89 percent leased and includes a conference facility, a 4,000-square-foot athletic club and 2,200 parking spaces. The towers have panoramic views over Atlanta
“The Towers at Wildwood Plaza have a long history of high-quality institutional ownership and tenancy and have benefitted from significant capital investment over the years that have maintained the buildings to a high standard,” Square Mile Vice President Eric Cohen said in prepared remarks. “Since acquisition, America’s Capital Partners has further modernized the common areas and successfully executed on its leasing plan. With new capital made available through this financing, we feel the property is well positioned for continued success.”
The property is close to SunTrust Park, the $600 million development of which has significantly boosted investment in the Cumberland/Galleria submarket. Approximately 1 million square feet of residential, retail, hospitality and office projects development is currently underway in the area, according to the announcement.
Michael Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield’s Atlanta office negotiated the financing.
Officials at ACP could not immediately be reached for comment.