Lightstone Capital, Lightstone’s real estate lending platform, has made a $27 million senior loan to the owners of a 12-story office building in the Atlanta, GA area.
The loan to Mainstreet Capital Partners will refinance its debt and fund future leasing costs for the 240,000 square foot property located at 2000 Riveredge Parkway in Atlanta’s Cumberland/Galleria submarket.
Lightstone Capital offers sponsors flexible, creative and immediate financing solutions. Loans range in size from $5 million to $100 million and are secured by real estate assets in Gateway markets. Lightstone Capital focuses primarily on senior bridge loans, mezzanine loans and preferred equity investments in the top 50 MSAs in the United States
The property, which is approximately 50 percent occupied, is currently home to 20 tenants with various businesses including financial services, insurance, legal, construction and healthcare companies. Key tenants include Aetna, Atlas Roofing, VITAS Healthcare and Diamond Crystal Brands.
“We are pleased that our first transaction in Atlanta, in the Cumberland/Galleria submarket, is on a quality property that offers a very attractive office product at an affordable price,” said Eugene Rozovsky, Senior Managing Director of Lightstone Capital. “This is part of our growth strategy which has seen Lightstone Capital expand into the Southwest, Southeast and Midwest regions of the country in addition to our strong presence on the East and West Coasts and has enabled us to expand our portfolio across the United States nearly double last year.”
Florida-based Mainstreet Capital Partners is a real estate investment and management firm focused on office, industrial and multi-family residential properties in the Southeast and Southwest United States. JLL’s capital markets team, led by senior managing director Ed Coco and managing director Matt Casey, supported the transaction on behalf of Mainstreet.
“Lightstone was able to provide great advice and quick loan processing,” said Partner and CFO Joe DiMario. “We are excited about the opportunity to work with Lightstone; This funding will allow us to execute our business plan to further improve and lease the facility.”
The building boasts a high level of security 24 hours a day, a recently added fitness center with showers and lockers, conference facilities, a fully renovated deli, private balconies, attached structured deck parking and a renter’s lounge. Improvements include upgrading the parking deck patio, completing several spec suites, updating the toilets, and minor mechanical updates.
The property is located on a hill overlooking downtown Atlanta and the Chattahoochee River Valley with close access to the Chattahoochee Nature Center which features hiking trails and picnic areas.
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