What Got Peachtree Center Off Death Row?
What does the recent refinancing of Peachtree Center do for Banyan Street Capital? It gets the 2.5M SF Downtown office complex out of special servicing. We spoke with Cushman & Wakefield's Mike Ryan who confirmed the $182M in financing that includes new long-term CMBS debt and $35M in mez financing, that'll get the project out of trouble.
According to TREPP, Peachtree Center had $207.6M in two loans that were in special servicing with LNR Partners. “This was a pretty unique situation,” Mike (who arranged financing along with Brian Linnihan—also pictured—Jeff Walker and Telly Fathaly) tells us, adding Banyan and the special servicer reached a discounted payoff agreement “several years ago” that kept it from foreclosure. Mike says there should be little problem in refinancing or selling the onslaught of CMBS debt coming due in the next few years as “lenders are hungry and aggressive” in light of improved property values and fundamentals.
