Orix Real Estate Holdings has provided a $40m construction loan for the development of One Museum Place, a luxury condominium development in Atlanta, Georgia.
The three-year, floating rate, limited recourse loan backs a 44-unit, 256,000 sq ft complex that will include two five-story buildings.
Developer John Wieland, who has built an empire of 30,000 homes, teamed up with Mack Scogin Merrill Elam Architects and general contractor Brasfield & Gorrie, which started construction last week.
“One Museum Place is a one-of-a-kind property and will set a new pinnacle of luxury condominium living in Atlanta,” said Jonathan Rice of CBRE, who arranged the financing with Jeffrey Ackemann and Bill Leffler.
ORIX Real Estate Holdings is the proprietary debt and equity banking arm of ORIX Real Estate Americas. Last month the lender closed a loan on another residential construction project, more than $25m on a 330-unit property in Houston, Texas.
The developers have positioned One Museum Place, at 1301 Peachtree Street in Midtown Atlanta, as Atlanta’s first new luxury condos in several years, with prices starting at $900,000 and climbing to more than $3.5m for a 5,300 sq ft three-bedroom unit. The site sits across from the Woodruff Arts Center, High Museum of Art, Atlanta Symphony Hall and Museum of Design.
Brasfield & Gorrie is constructing three other multifamily developments in Midtown Atlanta, including Post Millennium, Seventh Midtown and 60 11th Street.
The developers expect to complete the project in the second half of 2016.