Portman’s Ten Twenty Spring Nabs Refinancing: The Atlanta Deal Sheet

Portman has refinanced its newest addition to the Midtown skyline for $278M.

Eldridge Capital Management provided the loan for Portman’s Ten Twenty Spring office-centric mixed-use tower, Eldridge said in a press release. The building delivered in 2024 and is home to EY and law firm Reed Smith.

The refinance replaces a $224.2M Goldman Sachs loan established in April 2022 that was scheduled to mature on May 3, 2027, according to loan documents in the Georgia Superior Court Clerks’ Cooperative Authority database.

Portman, in partnership with Blackstone, developed the 25-story, 540K SF tower. Eldridge, which has more than $75B in assets under management, was a co-lender on Ten Twenty’s construction financing with Goldman, Portman Chief Development Officer Travis Garland told Bisnow in a text message.

“Having supported Ten Twenty Spring since construction, this transaction demonstrates our belief in the asset and the significant demand it has continued to attract,” Eldridge Senior Director Daniel Weisen said in the release. 

In June, Pinnacle Financial Partners announced that it leased a new 165K SF headquarters at Ten Twenty Spring and that it would hang signage atop the tower. The tower is nearly half leased. 

“Ten Twenty Spring demonstrates the significant demand for best-in-class office product integrated within a vibrant mixed-use district,” Portman President John Portman IV said in the Thursday release. “The leasing momentum we have already seen at the building speaks to the caliber of the team’s execution and solidifies it as one of the most competitive office assets in the market.”

FINANCING

Chicago-based Prime Finance Partners refinanced The Sinclair at Callaway Farm, a 388-unit apartment community in Covington, for its developer, Brook Farm Group. The $73M loan replaces a $53.2M First Horizon Bank loan originated in 2023 and set to mature in February, according to loan documents in the GSCCCA database.

The new loan’s maturity date is set for July 2028 but can be extended to 2031, according to loan documents. 

The 11-building complex is off Interstate 20 near electric-vehicle maker Rivian’s plant in Social Circle. CBRE’s Shawn Rosenthal, Jason Gaccione and Jake Salkovitz arranged the financing. 

SALES

Equus Capital Partners purchased the Allatoona Business Center, a three-building, 569K SF industrial park in Cartersville, from an LLC attached to Atlanta-based Taylor & Mathis. The purchase price wasn’t disclosed.

But Taylor & Mathis, which developed the project, obtained a $48.2M Wells Fargo Bank loan last year on the project. The financing was set to mature in June 2027, according to loan documents in the GSCCCA database.

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A Miami multifamily investment firm that launched nearly a year ago has acquired its debut asset in Atlanta. 

PXV Multifamily, founded in November by former TruAmerica Multifamily co-Chief Investment Officer Matt Ferrari, bought Village on the Green for $29.5M in a joint venture with Pamera North America. 

Slated to be rebranded as The Grove at Ben Hill, the 216-unit garden-style apartment complex was owned by Utah-based Peak Capital Partners, which acquired the property in 2017 for $26.2M, according to records. 

“We were able to acquire the asset at a significant discount to replacement cost in a submarket where supply is not keeping up with demand,” George Nausha, managing director of acquisitions for PXV, said in a statement. “Through targeted operational initiatives, we see a meaningful opportunity to enhance the asset’s performance to capitalize on the region’s strong demographic and economic fundamentals.”

DEVELOPMENT

Blue Fern Development has targeted a 906-acre site along Georgia State Route 17 in Effingham County for a 1,350-unit residential project called Fetzer Landing, the Atlanta Business Chronicle reported. The property, outside of Savannah and nearly a dozen miles from the planned OpenAI data center project, is set to cost $590M at build-out, according to a development of regional impact application filed with the Georgia Department of Community Affairs.

The project is expected to be completed by 2040.

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The Atlanta Beltline and its partners Pennrose and Radiant Development Partners broke ground this week on Overlook at Garson, a 130-unit fully affordable mixed-use project near the Lindbergh MARTA Station in Buckhead along the Beltline Northeast Trail segment.

The project will include a mix of units aimed at those earning between 50% and 80% of the area median income, financed through a combination of sources, including loans from Bank of America, Advantage Capital, Atlanta Housing, Atlanta Beltline Inc., Invest Atlanta and the Community Foundation for Greater Atlanta, according to a press release.

The project is slated to include 10K SF of affordable commercial space as well. 

LEASES

Office, education and medical-furniture maker OFS signed a 16K SF lease for 10 years at Westside Paper, the adaptive reuse project along the Atlanta Beltline in West Midtown, for a new showroom. JLL’s David Horne and Caroline Fisher brokered the lease for Westside Paper’s landlord, Westbridge, while Savills’ Cory Hall, Helen Kolker, David Rubenstein, Bot Keatley and John Flack represented OFS.

ASSIGNMENTS

Hines has tapped Trademark Property Co., a brokerage firm that has handled leasing at major mixed-use projects across the country, to lease Atlantic Station. In turn, Trademark named Sean McIntosh, a former Oliver McMillan property manager who has spent the past decade managing and leasing Celebration Pointe shopping district in Florida, to oversee the management and operations of the 586K SF retail portion of Atlanta’s minicity.

McIntosh also previously served as assistant general manager for Atlantic Station between 2006 and 2013. Trademark leases and manages such mixed-use projects as Annapolis Town Center, Galleria Dallas and Market Street – The Woodlands in Texas.