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$46M Apartment Project Secures Financing

ATLANTA-A planned 325-unit luxury community is being developed by Capital 33 and investors advised by JP Morgan Asset Management.

By Crystal Proenza | Updated on January 14, 2009

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.

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