ATLANTA—The visionaries behind Skyhouse 100 6th Street have secured a $61.3 million development loan. UBS Realty Investors placed the financing.
CBRE senior vice president Jonathan Rice of the firm’s Atlanta Debt and Equity Finance team, along with executive vice presidents Robert LaChappelle and Paul Berry, represented the developers, Novare Group and Batson-Cook Development Company.
“Our value proposition is high, and we are creating a product with a compelling design and price that not only appeals to Atlantan’s but has the ability to be replicated in other markets as well,” says Mark Stewart, director of investments at Batson-Cook.
SkyHouse is a class A high-rise multifamily development that has been introduced in Austin, Orlando, Atlanta-Midtown on West Peachtree Street, and now again in Atlanta on 6th Street in Midtown. Each building project is completed in a condensed 12-month construction period.
The SkyHouse brand includes high-rise multifamily buildings with street-level retail and accompanying parking decks. All of the SkyHouse properties are located in urban settings near significant employment opportunities, cultural attractions and entertainment hotspots, with the aim of attracting the 25 to 34 year old target demographic.
Skyhouse 100 6th Street will offer 320 apartments on 23 floors with about 10,870 square feet of street-level retail space. The adjacent 3.5-level parking deck will accommodate 476 vehicles.
Meanwhile, Novare and Batson-Cook announced Skyhouse Charlotte, a $63 million, 23-story apartment building in uptown Charlotte. This project is still in the planning stages.