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ATLANTA-Capital 33 has formed a joint venture with institutional investors advised by JP Morgan Asset Management Global Real Assets to develop a 325-unit luxury apartment community that will pursue LEED certification along the Beltline corridor. The $46 million is also being funded by a loan provided by Regions Bank, says Colin Cavill, a principal partner at locally based Capital 33, which has constructed two additional multifamily projects in the immediate area. The amount financed was not disclosed.

“Holliday Fenoglio Fowler was able to help us secure numerous capital financing sources for a very attractive debt that is probably unattainable in today’s market,” Cavill reveals to GlobeSt.com. The success in securing funds during what he refers to as the nation’s worst economic climate since the Great Depression, is partially due to the project’s location across the street from Glenwood Park, a sustainable mixed-use development that features walking distance access to restaurants, shops, parks and office space. Creating a community environment also keeps the project in line with the goals of the Beltline Redevelopment District, where the site falls.

Capital acquired the future site of the upscale community adjacent to Glenwood Park for $5.3 million last year. An existing industrial structure on the five-acre site located at 880 Glenwood Ave. will be demolished before construction of the new complex begins. A ground breaking is expected to take place this summer and completion is projected for winter 2010. Average rental rates for the units, which will range in size from 650 square feet to 906 square feet, are approximately $1,100 per month, says Cavill. Eight apartments within the project are set to feature work/live space, which would include access to ground level space zoned for commercial use. A total of 8,000 square feet have been deemed for that use, according to Capital 33.

The commercial real estate investment and development company will pursue a USGBC LEED Silver certification for the project. The units will be designed using a green strategy including the use of Energy Star appliances, recycled carpets, chemical-free paints, energy-saving windows, low-water consumption plumbing and an eco-friendly roofing system. If attained, Capital 33′s community would be among the first in Georgia to earn the LEED rating.

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