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Rubenstein Mortgage Capital Increases Loan for 8West Project in Atlanta to New $70.5 Million CommitmentPHILADELPHIA, Aug. 24, 2021 /PRNewswire/ -- An affiliate of Rubenstein Mortgage Capital ("RMC"), a private mortgage lending platform focused on debt investments secured by U.S. transitional office assets, announced an amendment increase to an existing loan 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 well-located 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. "We are most pleased to expand our relationship with Rubenstein by increasing our existing loan at 8West," said Jim Meyer, Managing Partner and Co-Founder of The Atlantic Companies. "The additional commitment by RMC simplifies our capital stack and allows us to accelerate our aggressive leasing program in the vibrant West Midtown Atlanta submarket." The transaction was originated by Taylor Smith, Rubenstein Partners' Regional Director of the Southeast, and Ashesh Parikh at RMC, the debt investment platform headed by Fred Harmeyer at ubenstein Partners, L.P. (collectively, with its affiliates "Rubenstein"), a vertically-integrated real estate investment advisor focused on value-add office property equity and debt investments. The RMC platform has fully discretionary investment capital and targets non-recourse first mortgage loans of $25 to $100+ million in markets throughout the country with a focus on office properties in need of debt capital for acquisition, repositioning or for ground-up construction. "RMC's modified investment in the 8West project reflects our willingness to continue to lend on well-sponsored projects in markets with strong fundamentals and growth prospects," noted Parikh. "Our familiarity and experience in the Atlanta market also served us well with this transaction and we're pleased to re-affirm our support of the Atlantic Companies' long-term vision for the property." Rubenstein has a strong presence in the Atlanta Metro market through their regional equity investment activities, which include ownership of Sanctuary Park in Alpharetta, Pennant Park in Northwest Atlanta and Uptown Atlanta. About Rubenstein Mortgage Capital About Rubenstein Partners Contact: View original content:https://www.prnewswire.com/news-releases/rubenstein-mortgage-capital-increases-loan-for-8west-project-in-atlanta-to-new-70-5-million-commitment-301361322.html SOURCE Rubenstein Mortgage Capital |