12th & Midtown project's second phase gets backing
12th & Midtown project's second phase gets backing
By KEVIN DUFFY
The Atlanta Journal-Constitution
Published on: 11/09/07
The 12th & Midtown developers have secured a $393 loan for the second phase of their four-block project — two high-rises with offices, retail, a hotel and condominiums.
New York-based Hypo Real Estate Capital Corp. made the loan.
"Midtown Mile in Atlanta is an up-and-coming area with a strong demand for more retail, office and residential space," said David McNeill, a director at Hypo. "12th & Midtown will satisfy these demands."
Daniel Corp., Selig Enterprises and MetLife are developing the $2 billion 12th & Midtown project. The first phase is a condo tower called 1010 Midtown that's scheduled to open next fall.
The second phase, which is under construction, will have two towers. One will be 38 stories and contain office space. The other, 35 stories, will have a 414-room Loews Hotel, 60 condos and more than 60,000 square feet of retail space.
Loews is projected open in the spring of 2010.
The lender is a subsidiary of the German bank Hypo Real Estate Bank International.
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