RMC Increases Loan for Atlanta’s 8West Project to $70M
Private mortgage lending platform Rubenstein Mortgage Capital (RMC) has announced an amendment increase an existing loan to $70.5 million, which is secured by 8West, a Class-A office and retail mixed-use development in the West Midtown submarket of Atlanta.
In 2019, RMC provided a $48.7 million senior construction loan commitment to the sponsor and 8West property owner, a joint venture between local developer The Atlantic Companies and investor Harvest Capital Group. The property sits at 889 Howell Mill Road, bordering the Georgia Tech campus as well as surrounding the robust dining, shopping, residential, and entertainment district of Atlanta’s West Midtown area. Construction on the nine-story, 195,847-square-foot project, consisting of approximately 177,441 square feet of office and 18,406 square feet of retail, was completed in December 2020.
The increased commitment allows the sponsor to extinguish the existing mezzanine loan, add amenity spaces at the property and complete the leasing program at 8West. The property seeks to capitalize on the recent growth in the Midtown and West Midtown submarkets, which has attracted such tenants as Google, Microsoft and Facebook.
Taylor Smith of Rubenstein Partners and Ashesh Parikh of RMC originated the transaction.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.