Square Mile Capital Originates $90M Construction Loan for Star Metals Residences
The completed property will consist of a nine-story building with 409 rental apartment units, 16,300 of ground floor retail, and an onsite parking garage.
ATLANTA, GA—New York-based Square Mile Capital Management has originated a $90 million construction loan to finance the development of Star Metals Residences, a multifamily building with ground floor retail to be developed in West Midtown, Atlanta, GA.
“We are pleased to have the opportunity to provide financing to a strong developer, The Allen Morris Company, with significant experience within the Southeast US,” says Eric Cohen, Square Mile Capital vice president. “This transaction allowed us to further expand our lending portfolio in Atlanta by capitalizing a project that will be one of the highest quality apartment properties in the market. The project is well-positioned to capitalize on the growth of West Midtown as one of Atlanta’s fastest growing submarkets.”
Located at 1050 Howell Mill Road in West Midtown, the completed property will consist of a nine-story building with 409 rental apartment units, 16,300 of ground floor retail, and an onsite parking garage. The project is close to Atlanta’s major employment centers, and many units will feature views of the Atlanta skyline from Buckhead to Downtown. Planned amenities include a private outdoor dog run, interior dog wash area, Uber drop-off room for residents, resident library with fireplace, and the Level 9 Rooftop with lounge/meeting rooms, an indoor/outdoor activated rooftop bar and lounge, a game room area with pool table, gaming systems and arcade games, outdoor ping-pong and bocce ball, a glass-box fitness center opening onto the pool terrace, an outdoor grilling area, an outdoor movie projection area, outdoor fire pits and seating groups.
The Allen Morris Company is one of the largest diversified commercial real estate firms operating in the Southeastern United States. Square Mile Capital originated the loan alongside senior financing provided by Pacific Western Bank.