Carter-Led Ownership Group Secures Financial Obligation, Equity and Bond Financing to Redevelop The Metropolitan in West End
Pictured: The Metropolitan.Plans to redevelop a century-old previous cotton warehouse developed by Coca-Cola co-founder Asa Candler in Atlanta’s West
End, are forming. The brand-new owner, headed by longtime Atlanta developer Carter, simply received a bond inducement of $90 million from the Advancement Authority of Fulton County. Carter secured equity funding from Silver Point Capital, a registered investment consultant (RIA) based in Greenwich, CT, and debt from LoanCore Capital, an asset management company focused on business property credit, also based in Greenwich.
Carter currently is dealing with its redevelopment plans and branding effort for the task, which it has actually named The Metropolitan. The strategies will consist of a residential component and will adhere to the city of Atlanta’s affordable real estate regulation.
The Met becomes the 2nd significant redevelopment Carter is supervising in the city. The Midtown-based firm also is working with Georgia State University to re-create the long-dormant enterprise zone surrounding the previous Turner Field, which the Atlanta Braves left in October 2016.
The redevelopment of The Met is the current in a string of new advancements planned for Atlanta’s West End community. Mixed-use developers have found the forgotten location as brand-new citizens move into the older houses that are more budget-friendly for millennial buyers.
At its Lee+White Food and Beverage District, Stream Realty is converting an old storage facility structure to restaurant area. Less than a mile away, Zayo Holdings Group, a Colorado data center business, will open its second zColo colocation operation at 1150 White St. this month.
Carter, which acquired the seven-building complex at 675 Metropolitan Parkway for $57.5 million on May 31, plans to enable existing renters to operate while rearranging the advancement near the West End MARTA station. The Met currently has more than 500 renters in 175 distinct areas, Carter Senior Vice President David Nelson told the Advancement Authority of Fulton County (DAFC) at its May conference.
Throughout the meeting, the DAFC board unanimously approved a letter of temptation for $90 million in taxable income bonds to assist finance Carter’s redevelopment strategies.
At The Met, Carter plans to capitalize on the rising appetite for innovative office space. Loft-style, open-air office in former storage facilities and new-built properties represent less than 5 percent of Atlanta stock.
Carter initially will establish 100,000 square feet of creative and flex office at The Met, Carter President and Ceo Scott Taylor told CoStar News. It then will include another 100,000 square feet over the next several years.
Candler constructed the cotton storage facility job in 1914 as World War I began in Europe so having a hard time U.S. cotton farmers might keep their surplus till the cotton markets rebounded. Understood for co-founding Coca-Cola, Candler developed what was then Atlanta’s tallest tower, the 17-story Candler Structure at 127 Peachtree St., in 1906. He served as Atlanta mayor from 1916-1919.
Southeastern Industries Inc. later on got Candler’s warehouse complex and landed a variety of large companies as occupants including General Electric, Genuine Components, Buick Motors, Firestone Tires, Goodrich and The Atlanta Journal, according to a history of the project on The Met’s website.
The storage facility district ultimately would empty as financial slumps and a movement of industrial uses away from city centers took their toll. However the home was reborn as a sanctuary for artists and craftsmen, and now is 90 percent leased.
Carter’s acquisition positions the historic home for future success, said Lance Patterson, president of Patterson Property Advisory Group. Patterson organized the financial obligation and equity financing for Carter and stated interest in investing it in The Met was extreme.
“With its massive scale and extraordinary variety of uses and renters, the property is very special and get the most-positive response from equity capital that our company has ever experienced on a single offer,” Patterson stated.