ACORE Provides $75M Refi on Atlanta Office Property
By Andrew Coen December 10, 2021 2:40 pm
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Dewberry Group has secured $75 million of financing to refinance an Atlanta office asset that once housed BellSouth’s corporate headquarters, Commercial Observer has learned.
ACORE Capital supplied the loan for The Campanile Building, which Dewberry is planning to redevelop with a goal of turning it into a Class A property. The debt package was arranged by Meridian Capital Group with a team composed of Morris Betesh, a senior managing director, Alex Bailkin, a senior vice president, and Ed Leinss, an associate.
“We are excited to finance a top local sponsor with extensive experience in the Atlanta market and a cutting-edge vision for this asset,” Eric Ramirez, director of originations at ACORE, said in a statement. “This is a high-quality investment opportunity for ACORE in a location we believe in long term, with very strong local sponsorship in the Dewberry Group.”
Located at 1155 Peachtree Street NE in Midtown Atlanta, the 21-story building features 455,000 square feet of office and retail space. Dewberry, which bought Campanile in 2010, is planning new capital improvements and an expansion of the 36-year old property in a bid to attract new corporate tenants.
Dornin Investment Group acquired a $185.6 million non-performing loan secured by Campanile in September. H.I.G Realty Partners and Square Mile Capital Management originated the five-year, floating-rate debt to be used for building upgrades in early 2020 just prior to the COVID-19 pandemic
“With the continued trend of companies relocating to the southeast, Atlanta as the capital of the Southeast and Midtown at its center, this asset is located in the most in-demand office submarket in the country,” Betesh said in a statement. “The combination of Dewberry Group’s forward-thinking design and well-capitalized ownership is sure to make this project a success.”
Officials for Atlanta-based Dewberry Group did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
