CBRE Group, Inc. today announced that the firm’s Debt & Structured Finance team has secured $61.9 million in financing on behalf of Carter and PCCP, LLC for 715 Peachtree, a 10-story, 318,450-square-foot Class A office building located in the heart of Midtown Atlanta.
Jonathan Rice and Jeff Ackemann of CBRE’s Atlanta office led the capital markets efforts for the three-year bridge loan provided by KKR & Co. L.P. The loan will enable Carter to pay an existing loan used for renovations and refurbishment to the property, and provides for tenant improvements and leasing capital.
“This transaction represents the final stabilization of this notable asset and is a milestone in Carter’s business plan,” said Mr. Rice, senior vice president, CBRE Capital Markets. “It was a great execution among all parties and a competitive process, and ultimately speaks to the goals of KKR, a recent entrant to real estate finance and the Atlanta market.”
The strength of the building made for a highly sought-after financing opportunity as 715 Peachtree sits in one of the top submarkets in the Southeast. Momentum at 715 Peachtree has been apparent, as the space includes major office tenants such as Honeywell and Spaces, and unique retail such as Land of a Thousand Hills, Stone Summit and Bareburger.
715 Peachtree’s adaptive reuse of an aging building and repositioning it into a creative tech-friendly office space landed the asset on Atlanta’s 2016 Best in Commercial Real Estate list in the Renovation and Rehabilitation category.
The CBRE team of Rice and Ackemann have the earned reputation of a team with a proven ability to access capital. The team was also responsible for securing financing for Ponce City Market, another Atlanta Class-A creative office asset, and many similar transactions throughout the Southeast.
CBRE’s Eric Ross, Clark Gore and Sabrina Gibson manage leasing for 715 Peachtree on behalf of Carter, and CBRE’s Asset Services team manages the building.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About PCCP, LLP.
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $7 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed over $14 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About Carter
Carter is one of the country’s leading real estate investment, development and advisory firms with mixed-use, multi-family, office, student housing and education/institutional projects under construction around the country. Founded in 1958, Carter is headquartered in Atlanta, GA and has a proven history of creating value for its partners, investors and clients. Today, the company is focused on developing urban mixed-use projects in select markets. Carter also invests in value-add real estate investment opportunities, having invested over $1.2 billion in assets in the past decade. The company’s program management practice provides representation to education, institutional and government clients, while its advisory practice advises clients and partners as they make strategic real estate decisions. For additional information on Carter, please visit: www.carterusa.com.
