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
