RMC Provides $70.5M Loan for 8West Mixed-Use Project in Atlanta’s West Midtown
ATLANTA — An affiliate of Rubenstein Mortgage Capital (RMC) has provided a $70.5 million loan for 8West, an office and retail mixed-use development in the West Midtown submarket of Atlanta. Taylor Smith and Ashesh Parikh of RMC originated the transaction.
In 2019, RMC provided a $48.7 million senior construction loan to the 8West property owner, a joint venture between local developer The Atlantic Cos. and investor Harvest Capital Group. RMC has increased the initial loan to $70.5 million, which will allow the joint venture to extinguish the existing mezzanine loan, add amenity spaces at the property and complete the leasing program at 8West.
Located at 889 Howell Mill Road, 8West borders the Georgia Tech campus and is located about 2.3 miles from downtown Atlanta. The nine-story, 195,847-square-foot project includes approximately 177,441 square feet of office space and 18,406 square feet of retail space. Amenities include multiple outdoor terraces, a fitness facility, bike storage and repair, common collaborative spaces, conference facilities and a public plaza. Construction was completed in December 2020.
RMC is the investment platform of Rubenstein Partners, a real estate investment advisory firm based in Philadelphia. Rubenstein also owns other properties in the Atlanta area including Sanctuary Park in Alpharetta, Pennant Park in Northwest Atlanta and Uptown Atlanta.