This Week's Atlanta Deal Sheet: Peachtree Group Lending Explosion
A wave of maturing debt has been a boon to business for Atlanta-based Peachtree Group.
Peachtree Group, through its Peachtree Group Credit division, has deployed $556M in loans and another $526M to buy five hotels and develop another three projects. Recent deals include a $48M construction loan for a 215-room Autograph Collection hotel in Huntsville, Alabama, a $42.2M first mortgage loan to refinance the 133-room Motif on Music Row hotel in Nashville, Tennessee, and a $42M mortgage loan for the acquisition of Town Center at Cobb mall in Kennesaw.
The firm expects to see market transactions increase through 2024, especially as traditional banks continue to pull back on commercial real estate lending, Peachtree Group Credit Senior Vice President Jared Schlosser said in a press release. Peachtree has in excess of $1B in originations planned for 2023.
Other loan transactions this year include a $43.6M first mortgage to refinance a 220-room Hampton Inn New York-LaGuardia Airport, a $52M construction loan for a 245-unit apartment project in Mesa, Arizona, and a $23M construction loan for a mixed-use project in Charlotte, North Carolina, according to the release.
SALES
Oliver Forrest Apartments LLC purchased 2566 Whites Mill Road, a 99-unit apartment complex in Decatur, for $10.45M. The property was previously owned by Largo, Florida-based Prosperity Capital Partners, which purchased the property in 2019 for $7M, according to DeKalb County records.
Bull Realty partners Marco Welch and Scott Spalding and Vice President Joe Mitchell brokered the sale.
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GM Derm Medical and Safe Harbour Exchange purchased two Gwinnett County medical office centers occupied by Anne Arundel Dermatology for nearly $6M. One building is at 3850 Pleasant Hill Road in Duluth, and the other is at 3770 Paddocks Parkway in Suwanee. The sellers were not disclosed.
Bull Realty Healthcare Division President Paul Zeman brokered the sales.
LEASES
Steam Logistics inked a deal for 11M SF at 3225 Cumberland, a 220K SF office building. The company is moving from another office building in the Cumberland-Galleria submarket.
JLL Executive Vice President Paul Hanna brokered the deal for Steam. Stream Realty Partners Senior Vice President Kevin Driver and Vice President Parker Welton represented the landlord, CP Group.
DEVELOPMENT
Lincoln Property Company Southeast broke ground on Bloomingdale Trade Center, a 482K SF distribution center off Jimmy Deloach Parkway, 12 miles outside of the Port of Savannah.
Lincoln Property Senior Vice President Denton Shamburger, Vice President Turner Fortin and leasing associate Colin Beecham are leasing and marketing the warehouse, which is expected to deliver in the fourth quarter of 2024.
PERSONNEL
Lesley Braxton has been named principal of cross-practice with design firm Perkins & Will, returning to the firm after a nearly three-year stint with Trahan Architects in New Orleans. During her previous time at Perkins & Will, Braxton led design projects for Samuel Merritt University’s Oakland City Center campus and Emory University’s Office of Advancement & Alumni Engagement and Alumni Memorial University Center in Atlanta.
Braxton also will continue to serve as an adjunct professor at Auburn University’s College of Architecture, Design and Construction.
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Paul Berry has joined Mesa Capital Partners as president and chief operating officer. The 30-year commercial real estate veteran most recently was vice chairman of CBRE’s capital markets group in Atlanta.
Berry joins Mesa as the firm starts raising capital for its 10th fund early next year, according to a press release.
