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Colliers Facilitates $19.2M Construction Loan on 140-Unit Multifamily Project in Old Fourth Ward

Deal propels first non-low income market rate development in Boulevard

ATLANTA– October 19, 2021 – Colliers, a leading diversified professional services and investment management company, recently closed a $19,200,000 construction loan on a 140-unit, two-building multifamily project in Atlanta, Georgia. The 105,650-square-foot project, which will reach completion during the fourth quarter of 2022, is the first non-low income development in the Boulevard subdistrict of the Old Fourth Ward neighborhood. 

Colliers Vice President Will James represented the developer, Atlanta-based Dezhu US, during negotiations with MidCap Financial, a leading commercial finance company focused on middle market transactions. The $19,200,000 floating rate first mortgage loan will recapitalize existing costs and future construction funding until the project is completed. 

“MidCap is excited to be Dezhu US’ capital partner on their latest development in Atlanta by providing capital to finish construction and working capital until the assets are stabilized,” said Ryan Hawley, Managing Director at MidCap Financial.  “We were drawn to this deal given the local, experienced Sponsorship who will be delivering a well-appointed product in a very high growth area of Atlanta which we expect to be well received by residents in the market.”

“This loan will advance a decades-long plan to transform the Old Fourth Ward neighborhood into a high-growth community with immense economic potential,” said James. “Once completed, the new development will act as an expansion of the already booming Ponce City Market and drive newfound interest to the Atlanta metro area.”


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Will James

Vice President

Atlanta

Beginning in the late 1990's in the mortgage banking field, my experience includes participating and directing over $2.5BB worth of real estate transactions whereby approximately 30+ deals included the procurement of over $200mm of equity, preferred equity and mezzanine capital.  During the early 2010's arranging risk capital represented 90%+ of the assignments that were facilitated.  In some situations, as many as 7 layers of capital were coordinated and driven to a successful closing.  The product types that I primarily work on year after year are for sale but mostly for rent residential, office, retail and hotel with each representing about 70%, 15%, 10% and 5% of my time, respectively.

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