North American Properties – Atlanta Ltd. (NAP) reports that it has closed on $126.5 million in financing for the first phase of construction for Avalon, an 86-acre, resort-inspired, mixed-use development in Alpharetta, Ga.
The financing, secured in a joint venture with Sarofim Realty Advisors, comprises 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.
Vertical construction on the estimated $600 million project is reportedly under way and a grand opening is currently targeted for October 2014.
Dubbed the Southeast's ‘preeminent experiential development,’ Avalon will be ‘a place where specialty retail, entertainment, restaurant, residential, office, hotel and public spaces come together to create a truly unique destination,’ according to NAP. The development will feature an ice skating rink, similar to the one at Rockefeller Center.
Since receiving zoning approval from the Alpharetta City Council in April 2012, NAP has received commitments from 75 retail and restaurant tenants including 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.
In addition to the retailers listed above, Avalon has executed leases with Anthropologie, Arhaus, Athleta, Banana Republic, Bocado Burger Bar, Cru Food and Wine, Destination Maternity, Dry Bar, Everything But Water, Fab'rik, a new Chef Ford Fry concept, Flywheel, GAP, Gymboree, Kona Grill, Lululemon, Luxury Nail Spa, Marlow's Tavern, Mitchell Gold + Bob Williams, Orvis, Paper Source, Pinkberry, PNC Bank, Regal Cinemas, Ted's Montana Grill, Van Michael Salon and Whole Foods.
The development includes an all-fiber-optic network infrastructure that will deliver Internet speeds over 100 times greater than typical offerings, along with digital HD television and VoIP technology.
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