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Deals & Dealmakers

Lightstone Capital Provides $27M to Mainstreet Capital Partners to Finance Atlanta-Area Office Building

Lightstone Capital, Lightstone’s real estate debt platform, has provided a $27 million senior loan to the owners of a 12-story office building in the Atlanta, GA area.

The loan to Mainstreet Capital Partners will refinance its debt and provide future funding for leasing costs for the 240,000-square-foot property, located at 2000 Riveredge Parkway in the Cumberland/Galleria submarket of Atlanta.

Lightstone Capital provides sponsors with flexible, creative, and immediate financing solutions. Loans range in size from $5 million up to $100 million and are secured by real estate assets located in gateway markets.  Lightstone Capital focuses primarily on senior bridge loans, mezzanine loans, and preferred equity investments throughout the top 50 MSA’s in the U.S.

The property, which is about 50 percent occupied, currently houses 20 tenants with diverse businesses including financial services, insurance, legal, construction, and healthcare companies.  Major tenants include Aetna, Atlas Roofing, VITAS Healthcare, and Diamond Crystal Brands.

“We are pleased that our first transaction in Atlanta is in its Cumberland/Galleria submarket on a high-quality property offering a very attractive office product at an affordable price point.” said Eugene Rozovsky, Senior Managing Director of Lightstone Capital. “This is part of our growth strategy, which has seen Lightstone Capital expand into the Southwest, Southeast, and Midwest regions of the country, in addition to our strong East Coast and West Coast presence, and enabled us to nearly double our portfolio in the past year.”

Mainstreet Capital Partners, based in Florida, is a real estate investment and management firm focused on office and industrial properties, as well as multi-family development, across the southeastern and southwestern United States.  JLL’s Capital Markets team led by Senior Managing Director Ed Coco and Managing Director Matt Casey facilitated the transaction on behalf of Mainstreet.

“Lightstone was able to provide great advice and a quick turnaround for the loan,” said Partner and CFO Joe DiMario. “We are pleased to have the opportunity to work with Lightstone; this financing will allow us to execute our business plan of further improving and leasing up the asset.”

The building has high-level 24/7 security, a recently added fitness center with showers and lockers, conferencing facilities, a fully renovated deli, private balconies, attached structured deck parking and a tenant lounge. Improvements will include upgrading the parking deck terrace, completing several spec suites, updating restrooms, and minor mechanical updates.

The property sits on a hilltop overlooking Downtown Atlanta and the Chattahoochee River Valley with nearby access to the Chattahoochee Nature Center, which has walking paths and picnic areas.

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