National investment, development, and asset management firm PMG and Canadian private equity firm Greybrook announced today that they have secured $182 million in construction financing for Society Atlanta, a 460-unit mixed-use project located at 811 Peachtree St NE. A major U.S. life insurance company and Related Fund Management provided the loan with the transaction brokered by Jones Lang LaSalle (NYSE: JLL).
“We are thrilled to once again receive support from top lenders alongside our partners at Greybrook,” said Andrew Warman, Managing Director of Capital Markets at PMG. “Our Society Living multifamily platform has demonstrated nationally a dedication to fostering thriving, community-centric properties for residents with activated ground-floor retail space for locals and visitors. We are confident Society Atlanta’s lively and engaging atmosphere will be the perfect addition to the neighborhood and look forward to welcoming residents when construction is complete.”
Designed by architecture firm Cooper Carry, Society Atlanta will offer efficiently designed floor plans with amenities including a large pool deck with grilling lounge areas, a massive co-working lab with private conference rooms, an expansive modern gym, and a fitness studio. The project will also feature 82,000 square feet of Class A office space, represented by Cushman & Wakefield, and 15,500 square feet of prime ground floor retail space, represented by Bridger Properties. Juneau Construction Company is the general contractor for the property, which broke ground in May 2022 and is slated for completion in late 2024.
“We are very pleased with the support demonstrated by our lending syndicate that has enabled us to fully capitalize the Society Atlanta project at this stage,” Sami Mouaket, Director of U.S. Investments and Development at Greybrook. “The construction program is now in full swing and advancing on schedule. Along with our partners at PMG, we look forward to successfully delivering this mixed-use community to Atlanta’s Midtown neighbourhood in the years ahead.”
Society Atlanta is among a growing list of Society Living communities in various stages of development across the country. Launched in 2019, PMG created the national Society Living multifamily brand to address the insatiable demand for reasonably priced rental communities in the most desirable locations, where modern neighbors can connect and thrive together. Urging residents to “Choose Happiness,” Society Living focuses on creating inspiring living spaces that encourage personal growth within a culture of inclusivity and unity. With over 8,500 units planned, the firm is currently developing Society Living properties in Miami, Fort Lauderdale, Orlando, Nashville, Denver and Brooklyn, with more to be announced soon.