Developers Secure $245M Construction Financing for Two-Tower Multifamily Project in Midtown | What Now Atlanta
Summary
Middle Street Partners, a real estate developer focused on multifamily and based in Charleston with offices in Atlanta, in a joint venture with AECOM-Canyon Partners, has secured $245 million of construction financing for its forthcoming, full-block multifamily project that will reshape the Atlanta skyline: two apartment towers each with street-level retail spanning Juniper Street between 11th and 12th Streets, the venture Monday announced.With financing secured, construction is slated to begin in December 2022 on land where two Midtown mainstays Einsteins and Joes once operated. The restaurants closed in mid-2021 in anticipation of the incoming towers.Upon completion, the project will offer a 487-unit community across two buildings a North and South tower that will sit prominently on the iconic Midtown skyline west of the park. The larger North tower will rise 400 feet and offer 320 units across 36 stories, while the South tower will top out at 380 feet across 33 stories with larger floorplans and a more boutique offering of only 167 units.We believe this block of Midtown is the pre-eminent residential address in all of Atlanta and by extension one of the best in the Southeast, Ed Alexander, Director of Development for Middle Street Partners, said in a press release. Vibrant restaurants, nightlife, museums, and retail destinations abound in every direction and we are in the epicenter of the citys premier office submarket. In addition to Middle Street Partners and AECOM-Canyon Partners, this project will be brought to life by a number of valued partners including Bank OZK and Related Fund Management (construction lenders), Brasfield & Gorrie (general contractor), Brock Hudgins Architects (architect), and CID Design Group (interior design).Eastdil Secured arranged the construction loan for the Joint Venture and Berkadias JV Equity & Structured Capital Group led by Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt acted as Advisor to Middle Street Partners.