Buckhead Plaza Two Gets Special Servicing Reprieve
After nearly five years in financial purgatory, Stafford Properties has recently recapitalized Two Buckhead Plaza with a new loan and a new lease on life.
"It's a very good thing," says Stafford CEO Steve Edwards (here with Two Realty Partners' Candice Flig and Sharon Altenbach, who lease the building). This past October, Stafford renegotiated its $52M Wells Fargo loan for the 218k SF Buckhead Village office building, successfully navigating it from the special servicer, Torchlight Investors, back to the master servicer Wells Fargo, according to a recent Trepp report. Steve says Stafford voluntarily placed Two Buckhead Plaza in special servicing back in 2010. During that time, Steve says Stafford never missed a payment on the loan. Details on the new arrangement:
- Maturity on the balance goes through October 2017.
- Loan fixed at 6.425% and can be prepaid without penalty during the extensions.
- Stafford has the right to extend the loan for two years with a 5% pay down.
The deal comes on the heels of Stafford securing USAA to 22k SF at the property, which we reported here. And Steve says the company is working with Two Realty to actively lease 80k SF, which includes the 54k SF of Raymond James space expiring next year. Steve says they are in talks with Raymond James to renew and expand, but "we are also looking in the market for other anchor tenants who are interested in Peachtree signage."