In light of the issues that condo oversupply caused during the recession, it’s no wonder why investors have been hesitant to break ground on new condo developments in the Atlanta market. This could be changing, however. The Loudermilk Company has officially announced its plans to construct a 20 unit condo project at 867 Peachtree Rd in the Midtown submarket. Loudermilk has named the project Seventh and will join with general contractor Brasfield & Gorrie to complete construction. The units are expected to sell for approximately $700,000 each.
Showing renewed confidence in the Atlanta market, State Bank & Trust Co. originated Loudermilk’s $12 million construction loan. It seems as though they made a smart investment, as 10 of the 20 units have been pre-sold and construction isn’t even scheduled to begin until October 1st.Share