JLL Capital Markets this week announced that it has arranged the full capitalization for the construction of 1405 Spring, a 326-unit, high-rise multi-housing development in Midtown.
JLL represented the development’s sponsorship team, a venture between JPX Works and Zeller, to arrange the full capital stack for the project with Manulife Investment Management.
Situated on .54 acres, the 31-story 1405 Spring will offer studio, one-, two- and three-bedroom units, as well as penthouses. The building’s 21 residential levels will sit atop a ground-level lobby, obscured eight-level parking garage and a full level of best-in-class amenities, including multiple indoor lounge areas, coworking spaces, fitness center, yoga and meditation studio, pool, sundeck and covered outdoor lounge with firepits.
1405 Spring is situated at the southeast corner of 18th and Spring Streets in Midtown’s burgeoning northern arts district. The area is home to many of Atlanta’s most beloved arts and cultural institutions, including the Woodruff Arts Center, MODA and the Center for Puppetry Arts.
The 31-story building will replace a vacant, single-level commercial building that most recently served as The John Marshall Law School’s Blackburn Conference Center. The new building will overlook Midtown and Downtown to the south, Atlantic Station to the west, Ansley Park to the east and offer unobstructed views of Buckhead four miles to the north.
Interest in the north end of Midtown has been catalyzed by the rapid expansion of the Savannah College of Art and Design (SCAD) around 19th Street, the development of Midtown Union at 17th Street, the renovation of 1200 Peachtree, which VISA will soon call home, at 15th Street and Microsoft’s massive expansion at Atlantic Yards along the eastern edge of Atlantic Station.
The JLL Capital Markets Advisory Team representing the borrower was led by Senior Managing Director Ed Coco, Managing Director Matt Casey, and Vice President Kelsey Bawcombe.
“JPX Works and Zeller are elevating the standard of architecture within Atlanta and will deliver a best-in-class product to complement and benefit from the continued job growth and in-migration from higher cost metros into Atlanta,” Coco said in a press releease. “With a core location in Midtown and a proven development team, Manulife Investment Management represents the ideal investment partner and long-term owner for this project.”