Financing will complete construction on luxury retail project.
San Diego-based developer OliverMcMillan has secured a $167 million syndicated construction loan, led by PNC Capital Markets, LLC, to finance construction on Buckhead Atlanta, the mixed-use development that just landed the headquarters of Spanx Inc., according to a press release Monday.
The loan will cover the full construction of the six-block, 8-acre complex. Five lenders are involved, including PNC Bank, N.A., CIT Finance LLC, Compass Bank, Regions Bank, and SunTrust Banks.
“We are so pleased to continue to move forward with great momentum,” Morgan Dene Oliver, chief executive officer of OliverMcMillan, said in the release.
“We’re extremely thankful to all of the talented individuals who have helped us to get to this point in realizing our vision for this world-class mixed-use project.”
While construction began in August 2012, pace on the project is now increasing, a spokeswoman told What Now Atlanta in an email Monday.
Located at the intersection of Peachtree and West Paces Ferry Roads, Buckhead Atlanta will approximately 1.5 million square feet comprised of 300,000 square feet of retail stores, restaurants and cafes, more than 100,000 square feet of office space and 370 luxury high-rise residences.
Shops are anticipated to begin opening in mid-2014.
Photo courtesy Buckhead Atlanta.
Is there any word on a Tenant List? I have seen some rumored ones on other sites, but i want to see something real.
Hi Drew, at this time Spanx and Hermes are the only “confirmed” tenants. Stay tuned for retailer updates!
–CJS
Please sign Shake Shack!