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| Rendering of Avalon mixed-use development, Atlanta, GA |
ATLANTA, GA (Aug. 16, 2013) – North American Properties -
Atlanta, Ltd. (NAP), developers of Avalon, today announced that construction
financing has been closed and vertical construction has begun.
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| Mark Toro |
NAP, in joint venture with Sarofim Realty Advisors, secured
$126.5 million in financing for Phase I, comprised of 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. Eastdil
Secured arranged the financing package.
Site work is well underway, and vertical construction has
begun, one month ahead of schedule. October 2014 will mark the grand opening of
Avalon, the Southeast’s preeminent experiential development — a place where
specialty retail, entertainment, restaurants, residences, offices, hotels and
public spaces come together to create a truly unique experience.
Avalon’s Phase I retail space is now 75 percent leased.
Recently added retailers include: Giovanni Di Palma's Antico Napoletana, Bantam
+ Biddy by Chef Shaun Doty, Tommy Bahama, Vineyard Vines, Exhale Spa, West Elm,
Kinnucan’s Specialty Outfitter, Sage Boutique, Free People, Janie and Jack, C.
Wonder and L’Occitane.
“The collection of restaurants and retailers we have
assembled is phenomenal,” said Mark Toro, managing partner of NAP. “I
can’t wait to see the first buildings coming out of the ground. Avalon is the first
project of its scope to start construction since The Great Recession in the
entire United States. It’s a very exciting time.”
For a complete copy of the company’s news release, please
contact:
Elizabeth Hagin
The Wilbert Group
O: 404-748-1367 C:
678-642-4301
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