Harrison Street and Ackerman & Co. have refinanced Perimeter Town Center, a 274,284-square-foot medical office building portfolio in Sandy Springs, Ga. Mesa West Capital provided the three-year, $51.3 million loan, according to Fulton County records. JLL worked on behalf of the borrower.
The funds will be used for capital improvements, partially cover the cost for recent leasing and near-term lease maturities and repay existing debt.
The property was previously subject to a $44.1 million bridge loan held by Capital One, with a maturity date set for 2023, CommercialEdge data shows.
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The three buildings came online between 1981 and 2008. The medical campus features floorplates ranging between 15,000 and 22,000 square feet, a total of 1,043 car parking spaces and additional 55,000-square-foot retail space.
The tenant roster includes Perimeter Dental, Virtual Imaging, Perimeter Surgery Center and Family Practice at Peachtree, among others.
The capital improvement program will focus on renovating public spaces, building exteriors, landscaping, parking area and wayfinding signage.
Located at 1150 Hammond Drive NE and 6115 Peachtree Dunwoody Road, the properties are adjacent to the Pill Hill medical hub and have access to Interstate 285. Downtown Atlanta is less than 15 miles away. Medical providers in the surrounding area include Northside Hospital Atlanta, Emory St. Joseph’s Hospital, Elysium Primary Care and Forefront Dermatology.
Managing Director Timothy Joyce, Senior Director Anthony Sardo and Managing Director Matt Casey with JLL Capital Markets led the team representing the borrower in the transaction.