ATLANTA, GA - Colliers, a leading diversified professional services and investment management company, recently closed a $19,200,000 construction loan on a 140-unit, two-building multifamily project in Atlanta, Georgia. The 105,650-square-foot project, which will reach completion during the fourth quarter of 2022, is the first non-low-income development in the Boulevard subdistrict of the Old Fourth Ward neighborhood.
Colliers Vice President Will James represented the developer, Atlanta-based Dezhu US, during negotiations with MidCap Financial, a leading commercial finance company focused on middle market transactions. The $19,200,000 floating rate first mortgage loan will recapitalize existing costs and future construction funding until the project is completed.
“MidCap is excited to be Dezhu US’ capital partner on their latest development in Atlanta by providing capital to finish construction and working capital until the assets are stabilized,” said Ryan Hawley, Managing Director at MidCap Financial. “We were drawn to this deal given the local, experienced Sponsorship who will be delivering a well-appointed product in a very high growth area of Atlanta which we expect to be well received by residents in the market.”
“This loan will advance a decades-long plan to transform the Old Fourth Ward neighborhood into a high-growth community with immense economic potential,” said James. “Once completed, the new development will act as an expansion of the already booming Ponce City Market and drive newfound interest to the Atlanta metro area.”
About Colliers: Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.3 billion ($3.6 billion including affiliates) and $45 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
About MidCap Financial: MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to companies across all industries. We provide a broad array of products intended to finance growth and manage working capital. As of June 30, 2021, Midcap Financial provides management or other services for over $31.6 billion of commitments, of which approximately $5.0 billion is managed by Midcap Financial Services Capital Management LLC, a registered investment adviser. MidCap Financial Services, LLC provides sourcing, due diligence and portfolio management services to MidCap Financial. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc., pursuant to an investment management agreement. Loans made or arranged by MidCap Financial Trust pursuant to a California Finance Lenders Law License. For more information about MidCap Financial, please visit www.midcapfinancial.com.