Trez Capital Funds $24.54 Million in Acquisition Financing for Atlanta BeltLine’s Westside Trail Development Site in West Midtown
FORT LAUDERDALE, FL – Trez Capital, a private real estate lender that helps build better communities across North America, has provided a $24,538,939 loan to fund a renowned developer’s acquisition of 15.5 acres zoned for high-density, mixed-use development in the Atlanta market. The land is located adjacent to the Westside Trail of the Atlanta Beltline in West Midtown, an area that is experiencing substantial growth and investment.
The borrower. Miami-based Allen Morris Company acquired the site. The seller, Tenth Street Ventures, will remain as a minority partner.
Trez Capital-Atlanta Managing Director Caperton Putt initiated the loan on behalf of the sponsor, 1060 DLH, LLC. The Atlanta office is part of Trez Capital’s Southeast US region, led by Executive Managing Director Brett Forman.
“This project will ultimately help the local community grow by bringing new investment to the area,” Putt said. “The developer will take a largely vacant parcel of land and convert it into a neighborhood destination with broad service offerings.”
1060 Donald Lee Hollowell Parkway is located in the chic and energetic industrial “entertainment” district of Atlanta’s Westside. The area surrounding the site has expanded considerably in recent years, bringing new investment to the area. The site is adjacent to a future BeltLine junction connecting the Westside Trail and near the planned Microsoft campus at Quarry Yards which will create 15,000 jobs in the area.
“We believe in the Westside’s long-term growth story,” said Spencer Morris, President of Allen Morris Company. “We look forward to collaborating with Atlanta Beltline Inc. and surrounding neighborhood groups to design a mixed-use project that serves the community and creatively activates the upcoming fourth phase of the Westside Beltline Trail.”
Allen Morris Company has a six-decade track record of over 85 successful developments in Florida, Georgia and other US markets. Current projects in Georgia include the progressive mixed-use development of the StarMetals District in Atlanta and the Westin® Foxhall Resort + Spa in Douglasville.
“This is our first loan with the Allen Morris Company, which has an incredible reputation for developing successful real estate projects throughout the Southeastern United States,” Forman said. “We look forward to developing our relationship by working together in the future.”
Lauren Hanley of Patterson Real Estate Advisory Group brokered the transaction.
Forman said the deal showcases Trez Capital’s lending capabilities in the Atlanta market. In 2021, the Canada-based private lender funded a $12 million loan for a townhouse construction project in Lawrenceville called Sweetwater Springs. He also funded a $25 million acquisition and construction loan for a downtown Atlanta hotel, and a $26.7 million acquisition and construction loan for a project 67-acre mixed-use and entertainment center known as the Exchange at Gwinnett in Buford.
Trez Capital provides short-term debt and equity financing, typically six to 36 months, up to $100 million in loan value. In 2021, the company originated $3.9 billion in loans, including $633 million from the Southeast region of the United States, which includes offices in Palm Beach, Florida, and Atlanta, Florida. Georgia. Trez Capital has nine offices in North America.
The Atlanta office is located at 3414 Peachtree Road NE, Suite 270 in the Buckhead District. To reach Putt, dial (470) 206-7001 ext. 7005 or email [email protected]
About Trez Capital: Founded in 1997, Trez Capital is a diversified real estate investment firm and a preeminent provider of debt and equity commercial real estate financing solutions in Canada and the United States. Trez Capital offers strategies for private and institutional investors to invest in a variety of opportunistic, fully collateralized mortgage funds, syndications and joint ventures; and provides property developers with quick approvals on flexible short- and medium-term financing. With offices across North America, Trez Corporate Group has over C$4 billion in assets under management and has funded over 1,600 transactions totaling over C$15 billion since its inception. For more information, visit www.trezcapital.com. (*Trez Corporate Group AUM includes assets held by all Trez-related entities as well as $2.8 billion of assets managed by the manager (Trez Capital Fund Management Limited Partnership).