By Keith Loria
A joint venture of North American Properties and Lionstone Investments has received $278.4 million in financing to continue developing Colony Square, a mixed-use office and retail asset located in the heart of Midtown Atlanta.
HFF facilitated the loan through Blackstone Mortgage Trust, with the funds utilized to retire an existing loan and help with future redevelopment plans for the asset.
HFF’s debt placement team representing the joint venture consisted of Senior Managing Directors Colby Mueck and Ed Coco, Associate Libby Malloy and Analyst Laura Sellingsloh.
A plan in motion
Last October, North American Properties broke ground on the three-phase mixed-use project. Once completed, the development will consist of five buildings at 11976 N.E. Peachtree St.
Midtown Atlanta is currently seeing the highest construction activity in the metro area, and Colony Square is situated right in the middle of all the action. When completed, Colony Square will feature entertainment offerings, retail, restaurants and a food hall, along with about 172,000 square feet of office space.
Currently, Colony Square is made up of two office buildings—Buildings 100 and 400—totaling more than 700,000 square feet of space situated above ground-floor retail, which is being renovated. Further redevelopment is set to begin shortly at the iconic 50-year old destination, which is being nicknamed “Midtown’s Living Room” for its soon-to-be arts-infused gathering place.
Phase II will include the development of additional office and retail space, the latter already 79 percent preleased to an anticipated food hall and experiential movie theater iPic. The third phase will include a 100,000-square-foot office tower—Building 500—with 18,000 square feet of ground-floor retail on the northwest corner of the site. The entire project is projected to be completed by 2020. Colony Square’s street-level component will boast a collection of unique-to-market retail and chef-driven restaurants, such as Iselle Kitchen + Bar.
Situated at the corner of 14th and Peachtree streets, known in the city as “Main and Main,” the area is one of the most highly trafficked in Atlanta, with more than 25,000 cars passing by each day. Colony Square is also located near the Interstate 75/85 connector and is just a short walk from the MARTA Arts Center station.
Image courtesy of North American Properties