Holliday Fenoglio Fowler, L.P. (HFF) announces $16.2 million in financing for Ellsworth Lofts, a three-building, adaptive-reuse creative office and retail complex totaling 90,817 square feet in Atlanta’s West Midtown submarket.
The HFF team worked on behalf of the borrower, Origin Investments, to secure the five-year, floating-rate loan through Wells Fargo Bank. Loan proceeds were used to acquire the property.
The properties are located at 1460 and 1510 Ellsworth Industrial Boulevard NW within the thriving West Midtown submarket, home to urban lofts, art galleries, music venues, retail shops and restaurants, as well as numerous redevelopment projects, including The Works at Chattahoochee. This location is close to Interstate 75, Midtown, Downtown and Buckhead and is just two doors down from TopGolf, one of Atlanta’s popular entertainment destinations. Completed in 2015, the two office buildings comprise 80,977 square feet and the retail outparcel comprises 9,840 square feet. Ellsworth is 70 percent leased and the retail outparcel is home to two of Atlanta’s top restaurant’s – Bacchanalia and Star Provisions Market & Café. The 6.7-acre site also includes a 1.2-acre potential development site.
The HFF debt placement team representing the borrower consisted of managing director Gregg Shapiro.
“The West Midtown submarket has experienced notable growth in recent years and we expect that to continue as major capital investment continues to flow into the area with the expansion of the Beltline as well as the announcement of several significant development projects,” said Shapiro.
About Origin Investments
Founded in 2007, Origin Investments (“Origin”) is a real estate investment firm that acquires office and multifamily properties in eight fast-growing markets: Charlotte, Raleigh, Atlanta, Houston, Dallas, Austin, Chicago and Denver. With offices in Chicago, Charlotte and Dallas, Origin has more than $700 million in assets under management. The firm recently raised $151 million for Origin Fund III and offers its investment opportunities to accredited investors at origininvestments.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $2.0 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through more than 8,300 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories. Operating throughout the United States, as well as Canada and the United Kingdom Wells Fargo Commercial Real Estate delivers a comprehensive platform of financing and banking products for experienced commercial real estate companies including balance sheet lending, CMBS origination and distribution, loan servicing, agency financing for multifamily properties, and debt and equity capital for affordable housing.
About HFF
HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.
