ACRES originated a $12.9 million loan to fund the acquisition of 1439 Peachtree Street NE, a 40,000-square-foot office building set to be transformed into a mixed-use project in Atlanta, Georgia. The loan carries a term of 18 months and is sponsored by integrated development, construction, sales, marketing, and investment firm Capital City Real Estate.
This project will redefine a single-use office property as a multifaceted destination incorporating:
The building’s Midtown location is nearby popular retail outlets and is well-situated for large office centers. Midtown’s Art’s District features numerous attractions such as the High Museum of Art, Fox Theatre, the Museum of Design Atlanta, the Ferst Center for the Arts on Georgia Tech’s campus, and several others. This desirable locality has recently been a hotbed for new development and encompasses a wide range of successful mixed-use facilities. Additionally, it is within close proximity to Atlanta’s Ansley Park neighborhood, an extremely affluent suburb of the city that borders Piedmont Park.
JLL Senior Vice President Andrew Asbill brokered the transaction.