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Armada Hoffler to acquire class-A mixed-use property in Atlanta
Armada Hoffler has signed an agreement to acquire The Interlock, a class-A mixed-use asset in Atlanta’s West Midtown, in a $215 million off-market purchase.
The company expects to use $100 million of new fixed-rate financing, primarily through a $75 million unsecured term loan, the conversion of its existing mezzanine loan into equity and the issuance of units of limited partnership interest in the company’s operating partnership to the sponsor developer.
The deal bolsters Armada Hoffler’s footprint in the Atlanta market and core focus on prime mixed-use real estate assets.
“For the fourth time in four years, our mezzanine lending program has led to an off-market, discounted acquisition of a trophy asset strategically located in one of our core markets,” said Louis Haddad, president and CEO of Armada Hoffler. “Located in the heart of Atlanta’s West Midtown, considered to be one of the nation’s fastest growing submarkets, the purchase of The Inter