Atlanta – PNC Bank provided the loan in partnership with SunTrust and JP Morgan.
Up until now, Jamestown has used its own equity to fund 100 percent of the 1.1 million-square-foot restoration of a former historic Sears, Roebuck & Co. building.Atlanta – Real estate development firm Jamestown has secured a $180 million construction loan for the Ponce City Market adaptive reuse project, located two miles northeast of downtown Atlanta. PNC Bank provided the loan in partnership with SunTrust and JP Morgan. Ponce City Market is the largest construction loan in post-recession Atlanta, according to Jamestown. Jeff Ackemann and Jonathan Rice with CBRE Debt and Structured Finance Group in Atlanta arranged the loan.
Up until now, Jamestown has used its own equity to fund 100 percent of the 1.1 million-square-foot restoration of a former historic Sears, Roebuck & Co. building. The 10-story, 16-acre Ponce City Market is slated for a rolling opening this fall. The ballyhooed project will consist of 330,000 square feet of retail and restaurants, 517,000 square feet of Class A loft office space, and 259 residential units. Signed office tenants of the market include athenahealth, Cardlytics, MailChimp, as well as retailer Binders and The Suzuki School, a preparatory preschool.
— Scott Reid