Commercial lender provides financing to prominent developer Allen Morris Company
ATLANTA, GA – (May 19, 2022) Trez Capital, a private real estate lender helping to build better communities across North America, 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 next to the Westside Trail of the Atlanta BeltLine in West Midtown, an area experiencing substantial growth and investment.
The borrower,. Miami-based Allen Morris Company, acquired the site. The seller, Tenth Street Ventures, will stay on as a partner.
Trez Capital Managing Director-Atlanta Caperton Putt originated the loan on behalf of the sponsor, 1060 DLH, LLC. The Atlanta office is part of Trez Capital’s Southeastern U.S. 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 tract of land and convert it into a neighborhood destination with broad service offerings.”
1060 Donald Lee Hollowell Parkway sits within the energetic industrial chic “entertainment” district that is in Atlanta’s Westside. The area surrounding the site has expanded significantly in recent years, bringing new investments to the area. The site is adjacent to a future BeltLine junction connecting to the Westside Trail and near the planned Microsoft campus at Quarry Yards that will bring 15,000 jobs to the area.
“We are believers in the long-term growth story of the Westside,” said Spencer Morris, President of the Allen Morris Company. “We look forward to collaborating with the 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 more than 85 successful developments in Florida, Georgia and other U.S. markets. Active Georgia projects include the phased StarMetals District mixed-use development in Atlanta and 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 Southeast U.S.,” Forman said. “We look forward to growing our relationship 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 Canadian-based private lender funded a $12 million loan for a build-to-rent townhome project in Lawrenceville called Sweetwater Springs. It also funded a $25 million acquisition and construction loan for a downtown Atlanta hotel, and a $26.7 million loan for an acquisition and construction loan for a 67-acre mixed-use project and entertainment center known as the Exchange at Gwinnett in Buford.
Trez Capital provides short-term debt and equity financing typically between six and 36 months in term, up to $100 million in loan value. In 2021, the company originated $3.9 billion in loan originations with $633 million sourced from the Southeastern U.S. region that includes offices in Palm Beach, Florida and Atlanta, Georgia. Trez Capital has nine offices across North America.