Midtown Union Lands Construction Loan From Wells Fargo
Atlanta's next mixed-use project has landed a big financing package to move forward with construction.
Wells Fargo has loaned $210M to MetLife Investment Management and its partner, Granite Properties, for construction financing of Midtown Union, a mixed-use project off Spring and 17th streets that will be home to Invesco's headquarters.
A MetLife and StreetLights Residential joint venture also snagged an $80M construction loan from Wells Fargo for Midtown Union's 18-story, 355-unit apartment tower. A Kimpton-branded hotel is also slated for the development.
JLL Senior Managing Directors Ed Coco, Trey Morsbach and Jim Curtin, director Matt Casey and associate Libby Malloy brokered the debt.
The closed deal comes days after Invest Atlanta approved a $33.75M lease-purchase bond for Invesco, which translates to more than $800K in tax savings over 10 years for the firm's build-out of its headquarters at Midtown Union.
The office tower also will be part of Granite's $10M wellness initiative that it instituted in response to the coronavirus pandemic, officials said in a release. The developer will include advanced HVAC systems that will have microfiltration throughout the building on the same level as those found in hospitals. The developer also plans to install self-cleaning surfaces and touchless elevators.