The developer of a luxury condo tower in Atlanta has landed $105 million in stretch first mortgage construction debt for its 279-unit project, Seven88 West Midtown. McKinley Homes secured the financing through CIM Group.
The team behind Seven88 includes architecture firm Goode Van Slyke, design firm Smallwood, Reynolds, Stewart, Stewart, Crosby Design Group and sales and marketing firm Ansley Developer Services. According to a report in Curbed, the building is expected to top out in February 2020 and open to residents in October 2020.
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Located about 3 miles northwest of downtown Atlanta and just down the street from the Georgia Institute of Technology campus, the new condo project is rising on West Marietta Street in the growing district of West Midtown. The formerly industrial area, especially the Howell Mill Road Corridor, has been a magnet for new restaurants, boutique retail and mixed-use developments.
Units at the building feature hardwood floors, floor-to-ceiling windows and city skyline views. Kitchen finishes include European-style cabinetry, quartz countertops, convection ovens, full-size dishwasher and built-in wine storage. Condo buyers can choose from three interior options for finishes and color palates.
The building offers a slew of resident amenities including a concierge service, a lobby with coffee and refreshment bar, a club room with demo kitchen, billiards and lounge, an amenity deck with outdoor dining, barbecue and fireplace, a saltwater swimming pool and whirlpool spa, a fitness center, smart package lockers, bike storage, dog spa and a controlled access parking deck. Additionally, the building will include 9,000 square feet of street-level retail.
Atlanta’s multifamily market has been strong in 2019, with average rents rising 4.2 percent year-over-year through August to $1,305, outperforming the national average of 3.3 percent, according to a recent Yardi Matrix report.