Cushman & Wakefield’s Atlanta office has arranged a $112 million loan to refinance downtown Atlanta’s iconic Georgia-Pacific Center on behalf of GA-MET LLC,which is owned by Georgia-Pacific LLC and Metropolitan Life Insurance Company.
Georgia-Pacific Center is a 51-story, 1.1 million-sq.-ft. class- A office building located in the downtown Atlanta. The asset has served as Georgia-Pacific’s headquarters since its original construction in 1982.
“We have seen a significant increase in the number of capital providers lending on deals in Atlanta over the last 24 months, especially for loans in excess of $75 million. There was an extremely competitive landscape for Georgia-Pacific Center from the lending community. The impeccable rent roll, institutional sponsorship, modest loan-to-value ratio were well within the target strike zones” said Mike Ryan, senior managing director for Cushman & Wakefield’s equity, debt and structured finance office in Atlanta, said in a statement.
“Georgia-Pacific Center has been a fixture in Atlanta’s skyline for 30 years. An asset of this caliber received considerable interest from the lending community,” added Bill Runge, director, investments, with MetLife, in a statement.
Mike Ryan, Brian Linnihan, Jeff Walker, and Larry Johnson represented Georgia-Pacific LLC and Metropolitan Life Insurance Company on the financing effort.