CLEAN SLATE FOR TWO RAVINIA
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|Eola Capital's $650M IPO will be used, in part, to help pay down the debt on one of Central Perimeter's most notable office towers. Eola has a $51.6M loan maturing in December for Two Ravinia Drive, which we snapped this weekend. |
|According to Eola's S-1 filing (the initial paperwork needed to move forward with transforming into a public REIT), the company hopes to use more than $389.5M of its initial investment capital to pay off nearly as much in real estate and loan debt on various properties. In Atlanta, that includes Two Ravinia and a $7.5M loan on Peachtree Marquis II, the 464K SF office tower downtown that's part of the Peachtree Center office complex. SunTrust made the loan, maturing in 2021, to help pay for tenant improvements for its lease in the building, according to the filing. Eola (whose name will change to Eola Property Trust) expects rents to grow 1.3% in Atlanta, up from a loss of .4% last year, according to the filing. And between 2011 and 2014, compounded annual rents in Atlanta should increase 2.2%.|