BHI Leads $133M Credit Facility for Atlanta Condo Property
By Andrew Coen March 28, 2024 8:00 am
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An affiliate of The Kolter Group has sealed a $133 million credit facility to finance a planned 144-unit condominium development in Atlanta, Commercial Observer has learned.
BHI is the administrative agent for the credit facility, established for Kolter’s 18-story The Dillon project in Atlanta’s Buckhead neighborhood. It provided a $50 million credit facility as part of the financing.
Gil Karni, the CEO of BHI, said in a statement that Kolter has a “hyperlocal knowledge of the Buckhead submarket” after recently delivering a fully sold 45-unit condo project in 2022 called The Graydon situated a quarter of a mile from The Dillon.
The Dillon is at 2395 Peachtree Street NE, in Atlanta’s Ardmore neighborhood just north of the junction of Interstates 75 and 85. The glass condo tower is slated to be completed by January 2025 and will comprise 301,296 sellable square feet.
Delray Beach, Fla.-based Kolter Group and its affiliates have a portfolio of $26 billion in multifamily projects. BHI has worked closely with the company since 2019, providing credit facilities for multiple commercial real estate development projects in the Southeast.
“BHI has proven to be an active partner for Kolter,” Malcolm Joy, director of capital markets for Kolter, said in a statement. We’re excited to continue collaborating with BHI as we continue in our path of growth.”
Andrew Coen can be reached at acoen@commercialobserver.com
