PCCP Provides $48.6MM Loan for the Acquisition of an Office Building in Atlanta, GA
New York, NY, November 25, 2015 – PCCP, LLC announced today that it has provided a $48.6 million senior loan to 1355 Peachtree Owner, LLC for the acquisition of a 91.7 percent condominium interest in a 345,244-square-foot Class A office building known as The Peachtree in the Midtown submarket of Atlanta, GA. The buyer is affiliated with Banyan Street Capital, LLC and funds managed by Oaktree Capital Management, L.P (Oaktree). An affiliate of DRA Advisors was the seller.
“PCCP’s senior loan enabled the buyer to acquire the asset and also provides funds for future capital improvements and leasing costs,” said John Randall, managing director with PCCP. “Banyan Street Capital is a best-in-class office property owner and operator with extensive experience in the Midtown market. The firm’s proactive management along with the asset’s prime location will be attractive to tenants seeking high-profile space in the Atlanta market.”