PHILADELPHIA, August 24, 2021 / PRNewswire / – A subsidiary of Rubenstein Mortgage Capital (“RMC”), a private mortgage lending platform focused on debt investments backed by US temporary office assets, has announced an increase in the amendment to its existing loan secured by 8West Class A office. and retail mixed development in the West Midtown submarket Atlanta…
In 2019, RMC provided USD 48.7 million USA a commitment to issue a major construction loan to the sponsor and property owner of 8West, a joint venture between local developer The Atlantic Companies and investor Harvest Capital Group. Conveniently located at 889 Howell Mill Road, bordering Georgia Institute of Technology campus and also surrounds a healthy neighborhood with restaurants, shops, residential and entertainment options Atlanta West Midtown area. The 195,847-square-foot, nine-story project, consisting of approximately 177,441 square feet of office space and 18,406 square feet of retail space, was completed in December 2020.
The increased commitment allows the sponsor to pay off an existing mezzanine loan, add property amenities, and complete the 8West rental program. The hotel aims to capitalize on the recent growth of the Midtown and West Midtown submarkets, which has attracted tenants such as Google, Microsoft and Facebook.
“We are very pleased to expand our relationship with Rubinstein by increasing our existing loan at 8West,” he said. Jim Meyer, Managing Partner and Co-founder of The Atlantic Companies. “The additional commitment on the part of RMC simplifies our capital and allows us to accelerate our aggressive leasing program in the dynamic West Midtown Atlanta submarket.”
The transaction was initiated Taylor smith, Regional Director of Rubenstein Partners for South-East and Ashesh Parikh at RMC, a debt investment platform led by Fred Harmeyer at Rubenstein Partners, LP (together with the Rubenstein subsidiaries), a vertically integrated real estate investment consultant specializing in equity in value-added office real estate and debt investments. The RMC platform has fully discretionary investment capital and is dedicated to the first non-recourse mortgage loans of US $ 25 up to $ 100+ million in markets across the country with a focus on office real estate in need of debt capital to acquire, reposition or build from scratch.
“RMC’s modified investment in 8West reflects our commitment to continue lending to well-sponsored projects in markets with strong fundamentals and growth prospects,” Parikh said. “Our knowledge and experience in Atlanta The market has also served us well in this transaction and we are pleased to reaffirm our support for the Atlantic Companies’ long-term vision for this property. ”
Rubinstein has a strong presence in Atlanta Metro market through its regional investment activities, which include Sanctuary Park’s ownership Alpharetta, Pennant Park in Northwest Atlanta and Uptown Atlanta.
About Rubenstein Mortgage Capital
RMC is Rubenstein Partners’ investment platform focused on mortgages, debt investments and capital markets activities. RMC provides fully discretionary on-balance sheet lending solutions for transition office investors and office project developers looking for a non-recourse first mortgage financing of up to 80% of capital structure. RMC provides flexible loan terms, issues new loans directly and manages all of its investments.
About Rubenstein Partners
Rubenstein Partners, LP, based in St. September 2005, is a privately held real estate investment consulting firm, United States… The firm is headed by its founder, David Rubinstein, and a group of senior real estate executives, and is focused on directing and managing office real estate investments in the predecessor of the American company Rubenstein Partners, The Rubenstein Company, LP and its subsidiaries, founded in 1969 and being one of the largest private operators. class A office real estate in the Mid Atlantic, owning and managing a portfolio of assets valued at approximately $ 1.2 billion at the time of alienation in 2004. Since 2005, Rubenstein Partners has invested over 22.5 million square feet of office property worldwide on behalf of its investors and clients. United States… For more information visit www.rubensteinpartners.com…
SOURCE Rubenstein Mortgage Capital