This Week's Atlanta Deal Sheet: Jamestown Starts Ponce City Market Phase 2
The developer of the iconic Ponce City Market adaptive reuse project in Midtown is going vertical on the first part of the project’s second phase.
Jamestown has broken ground on 619 Ponce, a four-story, timber-framed building that is slated to include 85K SF of office and 25K SF of retail space on the corner of Ponce de Leon Avenue and Glen Iris Drive in Old Fourth Ward. One of the few timber-framed commercial buildings in the metro area, 619 Ponce will be built using Southern yellow pine sawtimber harvested from Jamestown-owned forestland near Columbus, Georgia.
J.E. Dunn and StructureCraft were tapped to build the facility, which is set to deliver next year.
619 Ponce is part of the second phase of development at Ponce City Market. Jamestown also is planning a 21-story, 405-unit flexible-stay facility and a 21-story, 162-unit apartment tower called the Signal House.
FINANCING
Xenia Hotels & Resorts used portions of a new $675M credit facility to pay off the debt on a major Metro Atlanta convention hotel. Xenia used a new $125M term loan and a $100M delayed term loan, both maturing in 2026, to pay off an existing $125M term loan and a $99.6M mortgage backed by the 522-room Renaissance Atlanta Waverly Hotel & Convention Center in the Cumberland/Galleria submarket, according to a Securities and Exchange Commission filing. The $99.6M variable term loan was set to mature in August 2024.
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Ashford Hospitality Trust modified and extended its mortgage secured by the 141-room Hotel Indigo Atlanta in Midtown, Ashford Chief Financial Officer Deric Eubanks said during a Feb. 22 earnings call.
Ashford made a “small paydown” of the loan after a December extension test when the interest rate was altered to Secured Overnight Financing Rate plus 2.85% from the previous Libor plus 2.25%, Eubanks said. Ashford acquired the hotel in 2015 for $26.4M, backed by a $16M mortgage.
PERSONNEL
Lee & Associates has promoted Murray Gray, Joseph Mullican and Connor Winkler to executive vice presidents and principals in its Atlanta office. The trio is focused on industrial leasing and investment sales in Metro Atlanta.
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The Integral Group has promoted Shannon Judd to president of the firm’s property management group, tasked with overseeing a portfolio of 10,000 units across 48 properties. Judd joined in 2020 as an asset manager, overseeing the exits, refinancing or dispositions of more than $200M. Prior to joining Integral, the Georgia State University graduate was the assistant vice president at Pemco for 11 years.
ASSIGNMENTS
Atlanta-based general contractor Swinerton, along with the women- and minority-led firm WEBMyers Construction, has been selected by Atlanta for its on-call general contractor program for construction work associated with Hartsfield-Jackson Atlanta International Airport. The three-year contract allows the city to hire Swinerton for upgrades, repairs and renovations on projects capped at $10M each without going through a bidding process.
Swinerton previously worked on painting Concourses E and T, expected to finish this summer, and the GC completed planning for the $4.5M renovation of Delta Air Lines’ Concourse Club.
