Will James of NorthMarq’s Atlanta office finalizes $14,020,000 bridge loan for office property in Columbia, South Carolina
ATLANTA, GEORGIA (January 22, 2019) – Will James, vice president of NorthMarq’s Atlanta regional office arranged the $14,020,000 refinance of a bridge loan for 1600 Williams Street Office, a 140,000 sq. ft. CBD-located class A office property occupied by AT&T and Aflac. The property, located in Columbia, South Carolina, once served as Bellsouth's South Carolina headquarters location, but will now be leased to both AT&T and Aflac. The transaction was structured with a 2-year interest-only term. NorthMarq arranged financing for the borrower through its relationship with a bridge/mezzanine lender and closed the transaction in 37 days.
"The timing of the original Bellsouth lease ending date, old loan maturity date and capital needed to refinance the property led to the need for a bridge loan on this asset," said James. “The sponsor believes the Aflac relationship will expand in the long term and be beneficial for the projects ownership for the foreseeable future.”
The transaction was featured in the following publications: