PMG and Greybrook Secure $182M in Construction Financing for Company’s Atlanta Mixed-Use Project
National Investment, Development and Asset Management Company PMG and Canadian private equity firm Greybrook announced today that they have secured $182 million in construction funding for Society Atlanta, a 460-unit mixed-use project located at 811 Peachtree St NE. A major US life insurance company and Related Fund Management provided the loan with the transaction brokered by Jones Lang LaSalle (NYSE: JLL).
“We are delighted to once again have the support of top lenders alongside our partners at Greybrook,” said Andrew Warman, managing director of capital markets at PMG. “Our Society Living multi-family platform has nationally demonstrated a dedication to fostering thriving, community-centric properties for residents with ground-level enabled retail space for residents and visitors alike. . We are confident that the lively and engaging atmosphere of Society Atlanta will be the perfect addition to the neighborhood and we look forward to welcoming residents once construction is complete.
Designed by an architectural firm cooper carry, Society Atlanta will feature efficiently designed floor plans with amenities including a large pool deck with grilling areas, a huge coworking lab with private conference rooms, an expansive modern gym, and a studio for fitness. The project will also include 82,000 square feet of Class A office space, represented by Cushman & Wakefield, and 15,500 square feet of prime ground floor retail space, represented by Bridger Properties. Juneau Construction Company is the general contractor for the property, which began in May 2022 and is expected to be completed in late 2024.
“We are very pleased with the support demonstrated by our lending syndicate which has allowed us to fully capitalize the Society Atlanta project at this stage,” said Sami Mouaket, director of investments and development in the United States at Greybrook. “The construction program is in full swing and is progressing as planned. With our partners at PMG, we look forward to successfully delivering this mixed-use community in Midtown Atlanta for years to come.
Society Atlanta is part of a growing list of Society Living communities in various stages of development across the country. Launched in 2019, PMG created the national multi-family brand Society Living to meet the insatiable demand for reasonably priced rental communities in the most desirable locations, where modern neighbors can connect and thrive together. By urging residents to “Choose Happiness,” Society Living focuses on creating inspiring living spaces that encourage personal growth in a culture of inclusiveness and unity. With more than 8,500 units planned, the company is currently developing Society Living properties in Miami, Fort Lauderdale, Orlando, Nashville, Denver and Brooklyn, with more to be announced soon.