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Portman refinances Ten Twenty Spring office tower with $278M loan
The deal replaces a $224.2M Goldman Sachs loan that was set to mature May 3, 2027, and highlights continuing leasing demand for the 2024-delivered Midtown Eldridge project.
Portman has secured a $278M refinancing for its Ten Twenty Spring office-centric mixed-use tower in Atlanta’s Midtown, according to Bisnow.
The building, a 25-story project delivered in 2024, is anchored by firms including EY and law firm Reed Smith. The refinance replaces a $224.2M Goldman Sachs loan that had been established in April 2022 and scheduled to mature on May 3, 2027, based on loan documents filed in the Georgia Superior Court Clerks' Cooperative Authority database.
Bisnow reports that Portman partnered with Blackstone to develop the 540,000 SF tower, and that Eldridge Capital Management provided the new loan. Eldridge said the refinancing reflects its belief in the asset and the demand it has continued to attract.
The refinancing news also points to the building’s leasing activity, including a June announcement that Pinnacle Financial Partners leased a new 165,000 SF headquarters at Ten Twenty Spring, leaving the tower nearly half leased, according to Bisnow.