ATLANTA, GA - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $28.4 million in construction financing and advised on the equity capitalization for the development of SPOKE, a 224-unit, Class A mid-rise multi-housing project in Atlanta’s Edgewood neighborhood. HFF worked on behalf of the developer, Columbia Ventures LLC.
SPOKE is the first phase of a 6.36-acre, urban infill, master planned project being developed in partnership with the Metropolitan Atlanta Rapid Transit Authority (MARTA). Situated just south of DeKalb Avenue at 1471 La France Street, the project will have direct access to MARTA via the Edgewood/Candler Park station, and will feature pedestrian-friendly public spaces that blend with the surrounding neighborhood.
Due for completion in 2017, SPOKE will offer a variety of studio, one- and two-bedroom floor plans averaging 800 square feet each with the residential component situated above two levels of podium parking. Units will feature granite countertops with tile backsplashes; Energy Star-rated stainless steel appliances; kitchen islands; in-unit washers and dryers; faux wood plank flooring; frameless glass showers; granite-topped double bathroom vanities; walk-in closets; and terraces/balconies. Community amenities include a resort-style swimming pool, outdoor fireplace and cabanas, fitness center, clubroom with gaming area, sky lounge and dog park.
The HFF team representing the developer was led by senior managing director Jason Nettles and director Chip Sykes.
“Ideally situated in the historic Edgewood/Candler Park neighborhood, this development will combine modern features with the convenience of mass transit with its on-site access to MARTA,” said Sykes. “Additionally, the asset will be positioned within walking distance to retail amenities at Edgewood Shopping Center, Little Five Points, DeKalb Avenue and the Edgewood Retail District, and will provide immediate access to jobs in Midtown and downtown Atlanta.”
About Columbia Ventures LLC: Columbia Ventures LLC (Columbia) formed in 2013 by managing principles Dillon Baynes and Jake Von Trapp to focus on residentially-anchored mixed-use development in urban locations in the southeastern United States. Created in collaboration with the principals of the award-winning affordable housing development and property management firm Columbia Residential, the new company leverages the platform founded in 1991 by Noel Khalil to create a market-rate development and investment company with a unique skill set and dynamic approach to urban development. Columbia seeks opportunities to provide creative business, financial and operating solutions fueled by innovation, to outperform the market, provide superior risk-adjusted returns to its co-investors and transformational developments to the communities in which it operates.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.