North American Properties - Atlanta, Ltd. (NAP), developers of Avalon, announced that construction financing has been closed and vertical construction has begun. NAP, in joint venture with Sarofim Realty Advisors, secured $126.5 million in financing for Phase I, comprised of an $86.5 million syndicated senior loan by Wells Fargo Bank and Bank of America accompanied by a $40 million mezzanine loan provided by JP Morgan Asset Management. Eastdil Secured arranged the financing package.
Site work is well underway, and vertical construction has begun, one month ahead of schedule. October 2014 will mark the grand opening of Avalon, the Southeast's preeminent experiential development — a place where specialty retail, entertainment, restaurants, residences, offices, hotels and public spaces come together to create a truly unique experience.
Avalon's Phase I retail space is now 75 percent leased. Recently added retailers include: Giovanni Di Palma's Antico Napoletana, Bantam + Biddy by Chef Shaun Doty, Tommy Bahama, Vineyard Vines, Exhale Spa, West Elm, Kinnucan's Specialty Outfitter, Sage Boutique, Free People, Janie and Jack, C. Wonder and L'Occitane.
"The collection of restaurants and retailers we have assembled is phenomenal," said Mark Toro, managing partner of NAP. "I can't wait to see the first buildings coming out of the ground. Avalon is the first project of its scope to start construction since The Great Recession in the entire United States. It's a very exciting time."
Avalon is a new experience in the timeless art of living well. In the heart of Alpharetta, this sustainably-designed, 86-acre development with more than 500,000 square feet of retail, a 12-screen theater, boutique and full-service hotels, Class A office, single-family residences and luxury rental homes infuses resort-level hospitality throughout a walkable, seamlessly connected community of shopping, dining, entertainment, living, and working. It's more than just another place to go, it's a place to be—a hub of local art and activity that delivers the luxury of the modern South. At 2.4 million square feet and more than $600 million, Avalon is one of the largest projects currently underway in the United States. You can find more updates on Avalon at its website, Facebook page, Instagram or Twitter profile.
Founded in 1954, North American Properties is a privately-held, multi-regional real estate operating company that has acquired, developed and managed more than $4.5 billion of retail, multifamily, mixed use and office properties across the United States. Headquartered in Cincinnati, with offices in Atlanta, Dallas and Fort Myers, Fla., the company has developed 19 million square feet of retail and 13,000 apartment units in 13 states. Currently, North American Properties has eight projects totaling more than $480 million of development in five states.