Newport Secures Building Permit and $75M Debt Financing for South Dwntn Adaptive Reuse 222 Mitchell Phase One
Newport RE, a private real estate investment company known for its community revitalization efforts, is being built, in conjunction with $75,000,000 in Secured Debt Financing through Miami BridgeInvest, to develop a key element of the group’s activity South of the South project in Atlanta — 222 Michael, a 330,000 square foot mixed-use campus featuring a new park and 27,000 square foot rooftop with panoramic downtown views.
Since its acquisition by Newport in 2018, 222 Mitchell remains the company’s largest existing building within the South Dwntn business. The combination of a 1909 brick building and two mid-century modern buildings spanning a full city block, the project plans to restore the building to a very active and connected street, with restaurants and entertainment venues, retailers, offices, mixed-use spaces, and a rooftop experience, while “retaining the character and historical relevance of the area,” according to a press release this week.
“We believe that 222 Mitchell will be an important catalyst for South Downtown’s return to prominence, and we are committed to reintroducing a fully modern Class A building while preserving the culture and history that this neighborhood has acquired on the way. of road”, Kevin Murphy, executive vice president of Newport, said in the statement. “Great partners and creative lenders like BridgeInvest, who align with our transformative vision and believe in what’s to come, are essential to moving our work forward.”
With a particular focus on providing short-term, senior commercial real estate bridge loans that target opportunistic, value-added transactions in the Southeastern and Central United States, BridgeInvest’s financing of 222 Mitchell is l one of the company’s largest transactions in the Atlanta market to date.
“At BridgeInvest, we have a passion for projects that help revitalize local submarkets,” Alex Horn, managing partner of BridgeInvest, said. “We are delighted to be able to fund the development of Downtown South, a project that aims to transform existing assets into unique office spaces, while simultaneously revitalizing a part of the city with historical significance. »
JLL Capital Markets arranged the financing on behalf of Newport.
“As the true epicenter of historic Atlanta, the funding of 222 Mitchell represents an important step in the rebirth of Atlanta’s South Downtown neighborhood,” Matt Casey, said JLL’s Managing Director, Capital Markets. “By breathing new life into one of Atlanta’s most notable buildings with premium office space and retail experiences, Newport continues to create an environment with a desirable mixed-use amenity base. that the whole city can enjoy for years to come.”
Additionally, JLL’s brokerage teams represent Newport in leasing efforts for offices and retail opportunities throughout the South Dwntn. Pre-leasing of the 250,000 square foot Class A creative office is currently underway, led by Brooke Dewey and David Horne, with the remaining limited retail stock leased by Coleman Morris and Iggy DeQuesada.
The revamped development continues to secure tenants, including Mechanical Pins, an Ohio-based arcade and gaming bar, and recently announced experiential rooftop concepts from Atlanta Slater Hospitality which will arrive in the form of a modern restaurant complemented by a cocktail bar counterpart.
On the other side of the street, hotel line will shelter How crispy, a chicken sandwich restaurant with counter service and a take-out Slater’s pizzeria Pizza Clementine and cocktail bar in the basement Thirteenth floor.
South Ohio River, a high-stakes strategy firm, will move its headquarters to the Sylvan building within the development.
Balfour Beatty began construction of 222 Mitchell, which is expected to be completed in the first quarter 2023.