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Square Mile Lends $121 Million to Refi Wildwood Towers

ACP Will Use Money to Pay Down Debt, Ramp Up Leasing
February 28, 2018
A New York real estate finance firm said today it provided a $121 million loan to refinance the Towers at Wildwood Plaza, designed by famed architect I.M. Pei.

Square Mile Capital Management LLC said it originated the loan that is secured by the two-building, 719,000-square-foot office complex at 3200 Windy Hill Rd. in suburban Cobb County. The borrower, an entity controlled by America's Capital Partners (ACP), plans to repay existing debt and fund future leasing costs at the property, Square Mile said.

GE Capital Bank holds the first mortgage for $90 million, according to CoStar research.

"The Towers at Wildwood have a long history of high-quality institutional ownership and tenancy, and have benefited from significant capital investment over the years that maintained the buildings to a high standard," Square Mile Vice President Eric Cohen said. "Since acquisition, America's Capital Partners has further modernized the common areas and successfully executed on its leasing plan. With new capital made available through this financing, we feel the property is well positioned for continued success."

ACP acquired the office complex for $118.5 million in 2014 from CBRE Global Investors. Cousins Properties developed the complex in 1991 at Wildwood Office Park.

The Towers at Wildwood Plaza is more than 89% leased, according to Square Mile's press release. In 2004, GE leased 131,000 square feet for its GE Energy/GE Power division. GE's lease expires in August 2019, according to CoStar research. Allstate has leased 90,000 square feet through January 2026.

The financing was arranged by Michael Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield's Atlanta office.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   
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