An Atlanta developer known for projects on the Beltline has secured a nearly $100 million construction loan for a new apartment project.
New City Properties LLC landed a $97.8 million, four-year development loan for the project on the Eastside Trail. New York Life Insurance Co. provided the financing, according to Fulton County property records. Morris Adjmi Architects, known for its work in historic districts in cities such as New York and New Orleans, is designing the project.
The deal closed on June 4.
What it means: New City is developing the $1 billion mixed-use project 760 Ralph McGill Blvd, which includes the new apartment building financed by New York Life. The apartment project is in the design phase but could end up at nearly 360 units. New City has already landed a $180 million construction loan from Bank OZK, the Little Rock, Ark. lender formerly known as Bank of the Ozarks. It provided the financing for two new office buildings that are part of the first phase of the multi-use development. Mailchimp has already committed to moving its headquarters to 760 Ralph McGill.
The basics: The site is part of the Historic Old Fourth Ward and being developed along the Eastside Trail, which draws about 2 million pedestrians every year.
At a glance: The 760 Ralph McGill Blvd. site is the former operations center for Georgia Power and was the largest remaining undeveloped site in the Old Fourth Ward, a historic neighborhood that has seen over $2 billion of investment in recent years including Jamestown’s massive redevelopment of Ponce City Market. New City founder Jim Irwin intended the project to create a “beautiful and dramatic connection” between the Eastside Trail and Historic Fourth Ward Park, a city park that features a lake, amphitheater and playground, he told Atlanta Business Chronicle in 2017.