SunTrust now Truist Arranges $93.8M Construction Loan for Modera Prominence Phase II
Monday, June 29th, 2020
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.