Perennial Properties has landed a $90 million refinancing loan for an Atlanta community it recently completed.
Cushman & Wakefield’s Mike Ryan, Brian Linnihan, Blake Cohen, Richard Henry and Taylor Crowder secured the loan, which was provided by an undisclosed lender. According to Yardi Matrix data, the previous loan for Arya Peachtree was a nearly $61.8 million loan that was provided by Citizens Financial Group.
The newly-constructed community includes 282 units in studio, one-, two- and three-bedroom units ranging from 597 to 1,395 square feet. Perennial Properties built the units with electronic door locks, 10-foot ceilings and USB outlets, while select units have floor-to-ceiling windows with solar shades, waterfall edge countertops, glass showers with tile surrounds and glass balconies.
The 12-story community’s amenities include a pool, fitness center, club room, putting green and gas-fired grills. Located at 1777 Peachtree St. NE in Atlanta’s Buckhead submarket, Arya Peachtree also has 16,346 square feet of office and retail on the first two floors. According to Yardi Matrix data, the community is 92.6 percent occupied.
Besides Buckhead, Perennial Properties has developed several other communities in Atlanta’s other submarkets, including in Midtown, Old Fourth Ward and Inman Park.
AN ACTIVE ATLANTA MARKET
Ryan, vice chair at Cushman & Wakefield, said in prepared remarks that Atlanta’s Peachtree Street has been seeing a lot of demand over the past few years due to the expansion and development happening in the area. In April 2020, CBRE completed Marcus Tower at Piedmont Atlanta Hospital, a $600 million expansion project that’s located near Arya Peachtree.
Both the Buckhead and Midtown markets that surround Perennial Properties’ community have also absorbed the excess supply they were seeing two years ago, Curtis Walker, managing director for multifamily acquisitions at Westmount Realty Capital, recently told MHN in a recent Q&A. Companies have also started to expand their Atlanta presence, like The Radco Cos. who acquired a 320-unit community situated on West Peachtree Street NW, about a mile away from Arya Peachtree in February.