Atlanta — San Diego-based developer OliverMcMillan has secured a $167 million loan to finance the construction of Buckhead Atlanta, a mixed-use project located in Atlanta's upscale Buckhead neighborhood.
The loan will cover the full construction of the six-block, eight-acre complex, which includes luxury retail, residential and office space. Five lenders are involved, including PNC Bank N.A., CIT Finance LLC, Compass Bank, Regions Bank and SunTrust Banks.
At approximately 1.5 million square feet, the completed project will include 300,000 square feet of upscale retail stores, restaurants and cafes, more than 100,000 square feet of office space and 370 luxury high-rise residences.
While construction began in August 2012, pace on the project is now increasing, with shops expected to open in mid-2014.
"We are so pleased to continue to move forward with great momentum," says Morgan Dene Oliver, CEO of OliverMcMillan. "We're extremely thankful to all of the talented individuals who have helped us to get to this point in realizing our vision for this world-class mixed-use project."
Located at the intersection of Peachtree and West Paces Ferry roads, Buckhead Atlanta will feature lush landscaping, pedestrian-friendly streets and varied storefronts to create a unique shopping district. Retailers will include a mix of local, regional, national and international brand names, including French high-fashion store Hermès.
"We're most appreciative of the efforts of Mayor Kasim Reed and everyone in the City of Atlanta who worked with us to make this project a reality," says Hunter Richardson, managing director of development for OliverMcMillan.
OliverMcMillan worked exclusively with HFF to secure the construction financing. The HFF team handling the transaction included senior managing directors Trey Morsbach and Mark Sixour.
Founded in 1978, real estate developer OliverMcMillan has designed and developed more than eight million square feet of projects, with a total project value exceeding $3 billion. The developer currently has approximately $2 billion in real estate projects under development in cities across the United States, including Houston, San Diego, Honolulu, Atlanta, Austin and Phoenix.