{"id":1004082239,"date":"2013-08-19T06:03:47","date_gmt":"2013-08-19T14:03:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004082239"},"modified":"2022-12-08T19:23:44","modified_gmt":"2022-12-09T03:23:44","slug":"nap-secures-126m-for-m-u-development-in-alpharetta-ga","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nap-secures-126m-for-m-u-development-in-alpharetta-ga\/","title":{"rendered":"NAP Secures $126M For M-U Development in Alpharetta, Ga."},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Avalon.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004082262\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nap-secures-126m-for-m-u-development-in-alpharetta-ga\/avalon\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Avalon.jpg\" data-orig-size=\"777,600\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Avalon\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Avalon.jpg?w=777\" class=\"alignleft size-medium wp-image-1004082262\" alt=\"Avalon\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Avalon.jpg\" width=\"300\" height=\"231\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Avalon.jpg 777w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Avalon.jpg?resize=300,232 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/08\/Avalon.jpg?resize=768,593 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>North American Properties, in a joint venture with Sarofim Realty Advisors, has secured 126.5 million in financing for Phase I of Avalon, a mixed-use development in Alpharetta, Ga.<\/p>\n<p>Financing included an $86.5 million syndicated senior loan by Wells Fargo Bank and Bank of America accompanied by a $40 million mezzanine loan provided by JP Morgan Asset Management.<\/p>\n<p>Located at 2800 Old Milton Parkway, Avalon will consist of more than 500,000 square feet of high-end shops and restaurants, for sale and rental residences, hotels and office space on 86 acres.<\/p>\n<p>\u201cAvalon is\u00a0a place to \u2018be,\u2019 not a place to \u2018go.\u2019 Providing an experience unlike any other\u00a0in the region,\u00a0shoppers, diners, moviegoers, office workers, residents and hotel guests will be invited to \u2018dwell,\u2019 adding energy throughout the day,\u201d Mark Toro, NAP\u2019s managing partner, told <i>Commercial Property Executive<\/i>. \u201cWe\u00a0believe that the future of retailing\u00a0requires that it be highly animated, providing an experience to our guests, an experience they cannot have sitting at their computer screen or shopping on their phone of their tablet.\u201d<\/p>\n<p>Phase I of the Southeast&#8217;s preeminent experiential development is underway, with vertical construction beginning one month ahead of schedule. It is expected to open in October 2014.<\/p>\n<p>According to Toro, it has preleased 75 percent of the retail space in Phase 1 to America\u2019s best retailers and restaurants.<\/p>\n<p>\u201cThe North Fulton community offers retailers and restaurants some of the most high-income, and discriminating, households in the entire United States,\u201d Toro said. \u201cThese households have inordinately high disposable income and they are worldly, having experienced shopping and dining environments in New York, Paris and Milan.\u201d<\/p>\n<p>Currently, Avalon&#8217;s Phase I retail space is 75 percent leased, with retailers including Anthropologie, Arhaus, Athleta, Banana Republic,\u00a0Bocado Burger Bar, Cru Food and Wine, Destination Maternity, Dry Bar, Everything But Water, Fab&#8217;rik, a new Chef Ford Fry concept, Flywheel, GAP, Gymboree, Kona Grill, Lululemon, Luxury Nail Spa, Marlow&#8217;s Tavern, Mitchell Gold + Bob Williams, Orvis, Paper Source, Pinkberry, PNC Bank, Regal Cinemas, Ted\u2019s Montana Grill, Van Michael Salon and Whole Foods.<\/p>\n<p>Also recently signed on are Giovanni Di Palma\u2019s Antico Napoletana, Bantam + Biddy by Chef Shaun Doty, Tommy Bahama, Vineyard Vines, Exhale Spa, West Elm, Kinnucan&#8217;s Specialty Outfitter, Sage Boutique, Free People, Janie and Jack, C. Wonder and L\u2019Occitane.<\/p>\n<p>Monte Hewett Homes and Atlanta Fine Homes Sotheby\u2019s International have teamed to design, build and sell 101 single-family homes, expected to be available in the summer of 2014. Additionally, 250 luxury rental homes will be built above the retail and will be available for occupancy in January 2015.<\/p>\n<p>As part of Phase II, a boutique hotel will be located over retail, and plans for a conference center and full-service hotel are also in the works.<\/p>\n<p>The community will utilize an all-fiber-optic smart infrastructure design known as \u201cFiber-to-the-Premises\u201d technology, to deliver Internet speeds over 100 times greater\u00a0than typical offerings, along with digital HD television and VOI\u00a0technology.<\/p>\n<p>Pre-leasing for the Phase II luxury retail expansion, scheduled to open in Fall 2015, is underway.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>North American Properties, in a JV with Sarofim Realty Advisors, has secured 126 million in financing for Phase I of Avalon, a mixed-use development in Alpharetta, Ga.<\/p>\n","protected":false},"author":451,"featured_media":1004082262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21751,21783,21752,21742,21749],"tags":[],"class_list":["post-1004082239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hotel","category-investment","category-mixed-use","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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