February 25, 2020
PCCP has provided a $48.4 million senior loan to The Simpson Organization for the recapitalization and lease-up of Sterling Pointe, a two-building, 348,399-square-foot office portfolio in Atlanta’s Central Perimeter submarket.
Built in the 1980s, the seven- and eight-story buildings are situated on just under eight acres of land, and feature glass exteriors with floor-to-ceiling windows on the north-facing space, large floorplates, 1,155 parking spaces and 7,000 square feet of outdoor space. In 2018, ownership implemented a $2 million renovation of the lobby and common areas, along with amenity improvements including the café, outdoor courtyard space and fitness center.
“PCCP saw this as an attractive opportunity to finance an experienced local sponsor on a newly- renovated asset,” said Kevin Chin, senior vice president at PCCP. “This portfolio is very well positioned to draw tenants looking for high-quality office space proximate to a strong amenity base.”
Terms of the loan were not disclosed.
For comments, questions or concerns, please contact David Cohen