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| Chip Sipple |
ATLANTA, GA (July 26,
2016) – Lincoln Southeast, LLC, has facilitated the successful transfer of 10 Park Place, a 137,681-square-foot
office building located in downtown Atlanta, out of special servicing.
Through their role as
receiver, as appointed by the courts, Lincoln helped devise and execute an exit
strategy for the special servicer, Situs Holdings, LLC, and the bondholders.
The property’s current ownership, led by The
Novare Group, executed a payoff of the current loan and recapitalized the
project by bringing in new equity consisting of various local Atlanta
investors. The property is currently 45 percent leased.
“This transaction adds to
the growing list of exciting news coming from the downtown area,” said Chip Sipple of Lincoln.
“Georgia State University
and Grady Memorial Hospital continue to expand their presence in the area and
downtown, as a whole, is improving. Our goal with this property was to protect
and maximize the value of the asset by aggressively marketing the property for
lease and for sale.
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| Georgia State University |
“These actions helped
produce the necessary ingredients to motivate a transaction and we believe that
both the borrower and lender benefited from the transaction.”
As receiver, Lincoln’s primary duty was to
secure the property, prevent waste, collect rent, and utilize it’s service
platform to create value for the collateral property.
In general, the receiver is
required to follow the court’s order, which most often places the receiver in a
role similar to a trustee, making decisions that are in the best interest of
the property in an effort to maximize proceeds for the owner and lender.
The property, built in
1932, is located a block from the "Five Points" intersection in
downtown Atlanta and is adjacent to Woodruff Park, Georgia State University and
Grady Memorial Hospital.
For a complete copy of the company’s news release,
please contact:
Savannah Durban
The Wilbert Group
404-343-0870
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