It’s been reported that North American Properties Ltd. has secured a $126.5 million loan in order to complete Phase I of the Avalon mixed-use development project in Alpharetta. The loan is actually comprised of a $86.5 million loan from Wells Fargo and Bank of America and a $40 million mezzanine loan provided by JP Morgan Asset Management.
Phase I of the development is already 75% leased and will be anchored by Whole Foods and a Regal Cinemas, as well as several national retailers such as Vineyard Vines, Kinnucan’s Specialty Outfitters, and Tommy Bahama. Construction on Phase I has already commenced (ahead of schedule) and will delivered in October of 2014. More than 50% of the office space has been pre-leased to companies such as Integrated Care Management and Wakefield Beasley & Associates. Phase II is scheduled to deliver fall 2015 and will include 750,000 SF of built-to-suit office space as well as boutique and full-service hotels and a conference center (the City of Alpharetta has already called dibs on this).Share