Meridian Capital Group, America’s most active debt broker, arranged $66.8 million of financing for the acquisition of a portfolio of four class-A office buildings known as the Fountains at Piedmont Center and located in Atlanta, GA, on behalf of The Ardent Companies.
The balance sheet financing, provided by ACORE Capital, features a competitive LIBOR-based interest rate with extension options. This transaction was negotiated by Meridian Senior Vice President, Tal Savariego, and Vice President, Dani Sabesan who are both based in the company’s New York City headquarters.
Ideally located in the heart of Buckhead—one of the top-performing office markets in the Southeast—The Fountains at Piedmont Center is a four-building 550,000 square-foot office complex that recently underwent a $30 million capital improvement program and features large courtyards and open spaces conveying a campus-like feel within a class-A office complex.
“The Ardent Companies has a strong track record of executing on value-add opportunities and is acquiring the complex at an attractive basis for long-term upside potential,” explained Mr. Savariego. “Meridian arranged for competitive balance sheet financing that provides long-term flexibility for prepayment and extension of the loan, as well as a good news facility for future funding as the investment strategy is executed,” he added.
Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com