Opus Place Developer Gets New Loan For Stagnant Midtown Project
The developer of a long-stalled condominium tower in Midtown Atlanta has refinanced its debt, giving the project more time to secure pre-sales and a construction loan.
New York-based SKW Funding has inked a $25.7M loan to refinance the debt on 98 14th St., the site where Olympia Heights Management plans to develop the tallest residential tower in the region, which it has dubbed No2 Opus Place.
The new debt replaces a $22M loan from The Ardent Cos. and is the latest in a string of short-term loans that OHM has taken out on the property.
According to loan documents obtained by Bisnow, the SKW loan matures July 14, 2021. SKW principal Daniel Wrublin confirmed via email that the firm was the lender and that it specifically refinanced Ardent's loan. In a press release unrelated to this transaction, SKW describes itself as a private lending and distressed debt platform.
Wrublin declined to answer follow-up questions. Calls to Roni Avraham, who is heading up development for OHM in Atlanta, were not returned as of press time. It was unknown as of press time whether SKW was in talks to fund construction of No2 Opus Place.
OHM continues to seek pre-sales — a critical element for a condo developer seeking construction financing — on the planned 53-story luxury tower with 182 condo units and more than 200K SF of office. The condos' asking prices range from $600K to $12M for different floor plans.
New York developer Shaya Boymelgreeen owns OHM. Boymelgreen has altered plans for 98 14th St. numerous times since the project's first announcement in 2014, from a three-tower project to the single-tower plan today. Announced construction start dates have come and gone without any construction activity.
Most recently, two contractors for OHM filed liens on the property for unpaid work. OHM repaid the $57,754 lien filed by excavation subcontractor DAZ Construction, DAZ President Daniel Bryson told Bisnow. It was unclear if the $299,454 lien filed by Yates Construction earlier this year was repaid as of press time. Yates officials did not return calls seeking comment.
Contact Jarred Schenke at jarred@bisnow.com.
