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Atlanta, GA According to leading financial services provider Merchants Capital, it secured $19.1 million for the acquisition of Mall West End Revitalization, a 12-acre historic site, that will be converted into a $450 million mixed-use development comprising a hotel, retail space and 1,045-unit residential housing restricted for seniors, students and workforce.
Merchants Capital arranged a $19.1 million land acquisition loan. The financing was provided by Merchants Bank, parent company of Merchants Capital.
“This multi-faceted development will serve its neighborhood in vital ways—we are very pleased to support its first phase in collaboration with outstanding partners,” said Michael Milazzo, senior vice president of originations at Merchants Capital. “BRP Companies and The Prusik Group bring an expertise in community-focused development that will renew the area and enable affordable housing options well into the future.”
Mall West End will transform 12 acres one mile southwest of downtown Atlanta and support redevelopment planned by co-developers BRP Companies and The Prusik Group, Atlanta Urban Development and Atlanta Beltline, Inc. The site sits within a federal opportunity zone with tax incentives, including tax abatements for new developments.
Mall West End is being developed via a joint venture between BRP Companies and The Prusik Group. Prusik Group specializes in the development and repositioning of retail real estate assets, with more than 3 million s/f under management. BRP Companies provides fully integrated real estate development, construction, property management and financial services. Its portfolio contains more than 3,600 units of multifamily housing and more than $6.8 billion in completed and current transactions.
“We are proud to revitalize the property into its next chapter, bringing much-needed affordable and workforce housing to the West End community,” said Meredith Marshall, co-founder and managing partner of BRP Companies. “Through this redevelopment, we look forward to celebrating the cultural heritage of the West End neighborhood while we work to transform the property into a vibrant destination that becomes a central hub for the community.”
“The acquisition of the Mall West End is a testament to the power of persistence and determination, and we are immensely proud of the partnerships we've built with the incredible West End Community, the Atlanta University Center, and the City of Atlanta, to whom we extend our heartfelt gratitude for believing in our vision,” said S. Andrew Katz, co-CEO of The Prusik Group. “We look forward to developing an inclusive mixed-use development that builds on the past and leads to a brighter future.”
Residential housing in three of Mall West End’s buildings will include 245 senior housing units, 596 conventional multifamily units and 204 student housing units. In addition, 893 mixed-income workforce rental units that will be restricted at 70% for workforce housing, 20% will be affordable at 50% of the Greater Atlanta Area Median Income (AMI) and 10% at 80% of AMI.
Residential amenities will include a fitness center, pool, resident lounge, landscaped terrace, bike and car parking and package room.
The development will be located on a public green space one block from a Metro Atlanta Rail Transit Authority (“MARTA”) station.
Construction on Mall West End is expected to begin in 2025, with phase one completion slated for 2026.
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