ATLANTA (October 3, 2018) – Will James, vice president of NorthMarq Capital’s Atlanta-based regional office, arranged a Fannie Mae loan in the amount of $6,975,000 to refinance the borrower’s construction loan. The financing went under application and funded in 49 days. The borrower used historic tax credit equity to adaptively redevelop the MC Kiser Building, a 1923 shoe manufacturing warehouse once occupied by the Atlanta Public Schools. NorthMarq arranged construction financing almost two years ago, and refinancing with a 10-year agency loan for the borrower, Gallman Development Group, has fulfilled the business plan and will continue to realize value increases in the surrounding area for the foreseeable future. The Gallman Development Group 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, four blocks from CIM’s Gulch project and only three blocks from Newport’s South Downtown eight city block redevelopment” 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.”