Truist Financial Corporation today announced that SunTrust now Truist, Commercial Real Estate has arranged a $93.8 million construction loan for Modera Prominence Phase II, a 395-home, Class A high-rise apartment community located in Atlanta’s Buckhead district, developed by Mill Creek Residential. Renasant Bank and Trustmark National Bank are part of the syndicate led by Truist.
“We are pleased to work with this incredible development team in helping continue to transform Buckhead into a thriving live, work and play community,” said Rebecca M. Cox, Mid-Atlantic/Northeast Market Manager for Truist National Real Estate.
“We are excited to team with Truist on the second phase of Modera Prominence and eager to expand our presence in Buckhead,” said Chad DeBeau, senior managing director of Development for Atlanta and Nashville for Mill Creek. “We have always been tremendous fans of the Atlanta market and Buckhead is one of the most eclectic, desirable locales in a wonderful city.”
Located at the corner of Piedmont and Lenox Roads, Modera Prominence Phase II is in the heart of Buckhead’s financial district with excellent vehicular and mass transit access to MARTA public transportation. Additionally, the community is adjacent to PATH 400, a run-walk-bike trail that will ultimately connect Atlanta’s popular BeltLine trail to Buckhead northern suburbs such as Sandy Springs.
The luxury apartment community will offer residents an array of impressive, upscale community amenities, including a club-level fitness facility, saunas, dog park and luxury dog spa, expansive clubroom, lounges, and concierge services, among additional attractions. Modera Prominence Phase I, which is nearing completion, will feature approximately 21,000 square feet of restaurant and lifestyle retail adjacent to the second phase of the community.
About SunTrust Commercial Real Estate
SunTrust, now Truist, has built a full suite of commercial real estate banking capabilities – from capital raising to loan servicing, from private operator to REIT, from community capital to seniors housing – to provide specialized industry and market expertise. Our clients need a wide variety of capabilities, efficient decision-making, responsiveness and specialized expertise to deliver the best solutions to keep their projects moving forward and on track to deliver targeted returns. We have a dedicated focus on the industry, and an ability to bring you financial advice from across the Bank.
About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspire and build better lives and communities. With 275 years of combined BB&T and SunTrust history, Truist serves approximately 12 million households with leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending and wealth management. Headquartered in Charlotte, North Carolina, Truist is the sixth-largest commercial bank in the U.S. with total assets of $506 billion as of March 31, 2020. Truist Bank, Member FDIC. Learn more at Truist.com.
About Mill Creek Residential
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The national multifamily company, headquartered in Boca Raton, Florida proactively develops, acquires, constructs and operates multifamily communities through its seasoned team of real estate professionals in 16 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. As of March 31, 2020, the company’s portfolio is comprised of 79 communities representing over 21,300 apartment homes that are operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.
