ATLANTA, July 25,
2024 /PRNewswire/ -- Cousins Properties
(NYSE: CUZ) announced today that is has acquired two
newly-created mezzanine loans from the existing lender which are
secured by interests in lifestyle office properties in Nashville and Charlotte. Cousins initial commitment is
$27.2 million with a potential total
commitment of $37.0 million. The
loans have initial maturity dates of June
2025 and February 2026 and
carry a current weighted average interest rate of SOFR plus
866 basis points.
"We are excited to acquire these mezzanine
loans collateralized by trophy lifestyle office properties
located in our dynamic Sun Belt markets," said Colin Connolly, President and Chief Executive
Officer of Cousins Properties. "These accretive transactions
demonstrate that opportunities with attractive risk adjusted
returns are beginning to emerge."
Please refer to the Investor Relations page of Cousins' website
for a presentation with additional information on the transactions
discussed in this release.
About Cousins Properties
Cousins Properties is a
fully integrated, self-administered and self-managed real estate
investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating
partnership, Cousins Properties LP, primarily invests in Class A
office buildings located in high growth Sun Belt markets. Founded
in 1958, Cousins creates shareholder value through its extensive
expertise in the development, acquisition, leasing, and management
of high-quality real estate assets. The Company has a comprehensive
strategy in place based on a simple platform, trophy assets, and
opportunistic investments. For more information, please visit
www.cousins.com.
CONTACT:
Roni Imbeaux
Vice President, Finance and Investor Relations
404-407-1104
rimbeaux@cousins.com
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SOURCE Cousins Properties