HFF & Cushman & Wakefield Close $284M Financing for Acquisition & Recapitalization of a 10-Building, 1.68M SF Office Park in ...
20 February 2019 - 8:20AM
Business Wire
Holliday Fenoglio Fowler, L.P. (HFF) and Cushman & Wakefield
(NYSE: CWK) announce that they have arranged $284 million in
financing for (i) the acquisition of Piedmont Center 14 and (ii)
recapitalization of the borrower’s existing holdings within the
Piedmont Center office park in Atlanta’s Buckhead submarket.
The HFF and Cushman & Wakefield teams worked on behalf of
the borrower, The Ardent Companies, to secure the floating-rate
loan through the lender, a Brookfield-sponsored real estate debt
fund.
Upon the acquisition of Piedmont Center 14, The Ardent
Companies’ ownership within Piedmont Center totals 10 buildings and
nearly 1.7 million square feet on 32.8 acres. Buckhead has long
been considered Atlanta’s preeminent office market due to its
renowned neighborhoods and multitude of hotels, restaurants,
nightlife and upscale retail offerings, and Piedmont Center offers
a mix of mid- and high-rise offerings in a park-like setting just
blocks from the heart of Buckhead and in close proximity to Georgia
400 and MARTA. With a highly diverse rent roll totaling more than
160 tenants and anchored by Kaiser Foundation Health, N3, LLC, and
Aldridge Pite, Piedmont Center is well-positioned to benefit from
the borrower’s planned capital improvement program and demonstrate
strong NOI growth in the coming years.
The collective team representing the borrower included senior
managing director Ed Coco and director Matt Casey with HFF and
executive managing director Michael Ryan, executive director Brian
Linnihan and senior director Richard Henry with Cushman &
Wakefield.
“With the acquisition of Piedmont 14, The Ardent Companies has
expanded their holdings within Piedmont Center to complement and
enhance their previous acquisitions in 2016 and 2017,” said Coco.
“Following the recent renewal of Kaiser and additional leasing
successes across the park, we were extremely pleased to be able to
participate in the efforts to arrange financing that provides
accretive capital and simplifies the capital structure as The
Ardent Companies continues to execute their business plan to
recognize synergies and create additional value at Piedmont
Center.”
“Piedmont Center 14 will add tremendous value to The Ardent
Companies’ portfolio,” Linnihan said. “The best-in-class office
park is located in one of Atlanta’s prime office markets and its
poised for continued success in years to come.”
About The Ardent
Companies
The Ardent Companies ("Ardent") is a group of companies
operating as a privately held real estate investment and asset
management firm that combines the disciplines of research and
comprehensive due diligence with a commitment to long-term
relationships creating compelling risk adjusted returns for
investors. At its core, Ardent has an extensive and diverse
understanding of real estate, corporate finance and banking that
provide multiple investment alternatives (e.g., loan and fee simple
acquisition, bridge lending, development/rehabilitation). Ardent
has earned a reputation for being a dynamic investor, capable of
expeditious due diligence and creativity focused on reaching the
closing table.
About HFF
HFF and its affiliates operate out of 26 offices and are a
leading provider of commercial real estate and capital markets
services to the global commercial real estate industry. HFF,
together with its affiliates, offers clients a fully integrated
capital markets platform, including debt placement, investment
advisory, equity placement, funds marketing, M&A and corporate
advisory, loan sales and loan servicing. HFF, HFF Real Estate
Limited, HFF Securities L.P. and HFF Securities Limited are owned
by HFF, Inc. (NYSE: HF). For more information, please visit
hfflp.com or follow HFF on Twitter @HFF.
About Cushman &
Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real
estate services firm that delivers exceptional value for real
estate occupiers and owners. Cushman & Wakefield is among the
largest real estate services firms with 48,000 employees in
approximately 400 offices and 70 countries. In 2017, the firm had
revenue of $6.9 billion across core services of property,
facilities and project management, leasing, capital markets,
valuation and other services. To learn more, visit
www.cushmanwakefield.com or follow @CushWake on Twitter.
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version on businesswire.com: https://www.businesswire.com/news/home/20190219005983/en/
ED COCOHFF Senior Managing Director(404)
832-8460ecoco@hfflp.com
KRISTEN MURPHYHFF Director, Public Relations(617)
338-0990krmurphy@hfflp.com
SAVANNAH DURBANCushman & Wakefield, Communications
Specialist404-853-5371Savannah.durban@cushwake.com
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