Mill Creek Secures $94M for Atlanta Luxury Tower
- Jun 30, 2020
Mill Creek Residential Trust has landed a $93.8 million construction loan for Modera Prominence Phase II, a luxury residential tower that will bring 395 apartment units to Atlanta’s Buckhead district. A syndicate of lenders led by Truist Financial Corp., formerly SunTrust, provided the financing. Renasant Bank and Trustmark National Bank were part of the syndicate.
The project is an extension of Mill Creek’s Prominence development at Piedmont Road NE and Lenox Road NE. The first phase, which is nearing completion after breaking ground in the summer of 2018, will deliver 319 apartments along with shops and restaurants to the core of Buckhead’s financial district.
A local affiliate of Mill Creek Residential Trust bought the site for the phase II project for $15.7 million in early May, according to a Fulton County property deed cited by the Atlanta Business Chronicle. The SK+1 Architecture-designed tower has a proposed height of 212 feet.
The new Class A community will feature upscale amenities including a fitness center, saunas, dog park, large club room and lounges. Modera Prominence Phase I will provide roughly 21,000 square feet of restaurant and lifestyle retail space next to the second phase.
The project sits across from Atlanta Tech Village, which bills itself as the fourth-largest tech incubator in the U.S., hosting more than 300 startups. The community is also adjacent to the PATH 400 trail that is slated to connect Atlanta’s BeltLine trail with Buckhead’s northern suburbs such as Sandy Springs.
Mill Creek, one of the nation’s 10 largest multifamily developers, last month broke ground on an eight-story, 292-unit community in Orlando, Fla., called Modera Creative Village. In April, the company teamed up with QuadReal Property Group to form a $421 million joint venture aimed at developing and operating communities in select U.S. markets over the next two to three years.