ATLANTA (January 11, 2017) – Will James, vice president of NorthMarq Capital’s Atlanta-based regional office, arranged the $8,521,000 financing for historic tax credit equity, equity bridge and construction financing of the MC Kiser Building, an adaptive reuse conversion of a century old building into a 41-unit multifamily property containing 3,500 sq. ft. of ground floor retail space. The transaction was structured with a 5-year term after a 1-year interest-only construction period. NorthMarq arranged financing for the borrower, Gallman Development Group, through a debt and equity fund provided by a private lender.
The MC Kiser Building was originally a shoe manufacturing plant constructed in 1914, and will benefit from the borrowers plan for an “adaptive reuse” of the property. The borrower will be keeping various historical features as part of the design, including the distinctive exterior façade, the interior stairs and large original columns and beams. One of the sponsors of the Kiser Building project is Gallman Development Group, which has extensive historic adaptive reuse experience.
“The MC Kiser Lofts are located in the burgeoning South Downtown area, two blocks from Underground and Garnett Marta Station” said Bill Gallman of Gallman Development Group. “South Downtown is adjacent to the Castleberry Hill Arts District, Atlanta’s CBD core, and Federal, State, County and City employment centers.”