ATLANTA—SunTrust Banks closed on a $58.3 million loan with an affiliate of South City Partners for the development of a 26-story student housing project near the Georgia State University campus. The total cost of the development is nearly $90 million.
Located at 120 Piedmont Avenue Northeast at the intersection of John Wesley Dobbs Avenue, the 467,125-square-foot tower is called 120 Piedmont. The student housing project will accommodate 685 students and include 8,200 square feet of retail space.
“SunTrust is proud of our deep roots in Atlanta, and we get tremendous satisfaction from investing in developments like 120 Piedmont that will contribute to the vibrancy of our city for decades to come,” says Mark Hancock, senior vice president at SunTrust Commercial Real Estate. “This is our second project with South City Partners after the very successful Square on Fifth at Georgia Tech. They understand both student housing and the Atlanta market exceptionally well, and we're pleased to play a part in their latest development.”
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