Refinancing arranged for North Atlanta medical office portfolio

ATLANTA, Aug. 8, 2024 –  JLL Capital Markets announced today that it has arranged refinancing for Perimeter Town Center, a 274,284-square-foot portfolio comprising multiple medical office properties in Sandy Springs, Georgia.

JLL worked on behalf of the borrower, Harrison Street and Ackerman & Co., to secure the three-year, floating-rate loan through Mesa West Capital, LLC. Loan proceeds will be used to repay existing debt, fund capital improvements at the property and partially defray the costs for recent leasing activity and near-term lease maturities.

Perimeter Town Center features three buildings located in North Atlanta. Adjacent to the dynamic medical hub known as Pill Hill – home to three hospitals and numerous practices and support services – Perimeter Town Center offers healthcare practices an unmatched combination of access, visibility and amenities. Additionally, Perimeter Town Center is in close proximity to the Georgia 400/Interstate 285 interchange, providing excellent access throughout the entire Atlanta metro and beyond.

The owners are implementing an extensive renovation program at the properties, including improvements to public spaces, landscaping, building exteriors, wayfinding signage, parking areas and more.

The JLL Capital Markets team representing the borrower was led by Managing Director Timothy Joyce, Senior Director Anthony Sardo and Managing Director Matt Casey.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

Harrison Street is one of the leading investment management firms exclusively focused on alternative real estate assets. Since its inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, built-to-rent, healthcare delivery, life sciences and storage real estate as well as social, utility and digital infrastructure. Headquartered in Chicago and London, with offices throughout North America, Europe and Asia, the firm has more than 280-employees and approximately US $55 billion in assets under management on behalf of institutional investors across the globe. Harrison Street was awarded Best Places to Work by Pensions & Investments for nine years (2014-2020, 2022, and 2023) and since 2019 has won 15 awards from PERE, including three for the 2023 Awards: Alternatives Investor of the Year – Global, Data Centers Investor of the Year – North America, and ESG Firm of the Year – North America. For more information, please visit harrisonst.com (Assets under management (“AUM”) reflects AUM for the Firm’s investment advisory and asset management clients, and is inclusive of the Firm’s regulatory AUM reported in its Form ADV.)

Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast and Texas. The company, founded in 1967, retains an expert team of 100 real estate professionals. To date, Ackerman & Co. has developed and acquired 44 million square feet of office, medical, industrial, retail and mixed-use space, has 4.5 million square feet under management, and maintains an investment portfolio valued at $1 billion. For more information, visit ackermanco.com.

Mesa West Capital (mesawestcapital.com) is a leading commercial real estate debt fund manager and portfolio lender. With offices in Los Angeles, New York, Chicago and San Francisco, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-add and transitional properties throughout the United States. Mesa West’s lending portfolio includes all major property types with loan sizes ranging from $20 million up to $400 million. Since inception, the firm has sourced and closed more than 400 transactions totaling over $27 billion.