$530 Million Mixed-Use Development to Span City Block
ATLANTA–(BUSINESS WIRE)–The Atlanta Equity, Debt and Structured Finance team of Cushman & Wakefield (NYSE: CWK) has secured funding on behalf of Selig Enterprises, a 100-year-old Atlanta-based developer, to capitalize 1105 West Peachtree, a $530 million mixed-use development in Midtown Atlanta. The development is one of the largest privately capitalized developments in the history of Atlanta.
The office was originally envisioned to be 552,000 square feet, however, in response to strong market fundamentals and preleasing, Selig increased the office to 665,000 square feet. At closing, the office was 40 percent pre-leased with strong leasing momentum.
The Epicurean Atlanta, Midtown Atlanta’s first new boutique full-service hotel in over a decade, will also capitalize on the submarket’s growth with its strategic mix of upscale guestroom accommodations and amenities. The hotel will be culinary focused and will fill the current void of boutique hotels within Midtown, appealing to the significant number of millennials and Gen-Xers who live, visit and work in the area.
Selig looks to target an untapped market of large for-sale residences. Selig began presales in October.
Blackstone is providing an approximately $340 million construction loan, and the equity partner for the 665,000-square-foot office portion of the development is a pension fund advised by L&B Advisors. Mike Ryan, Richard Henry, Brian Linnihan and Blake Cohen of Cushman & Wakefield’s Atlanta office, along with Jared Kelso and Stephen Michels of Cushman & Wakefield’s Global Hospitality group, raised the debt and equity for the project.
“Selig Development is one of Atlanta’s premier developers and will continue its legacy of transforming Midtown Atlanta,” Ryan said.
Delivery is slated for the third quarter of 2021.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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