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$147M student housing financing closed for Atlanta Spelman and Morehouse
The project secured roughly $146.8 million in Fulton County bond proceeds and targets monthly rents of about $1,200 per bed.
Radnor Property Group and the Madrone Community Development Foundation have closed on construction financing for a $147 million student housing development in Atlanta, according to ConnectCRE.
The plan calls for 305 units and 793 beds, with construction already started and the community scheduled to be ready by fall 2028 for students at Spelman and Morehouse colleges.
The Development Authority of Fulton County completed earlier this month the sale of approximately $146.8 million in tax-exempt and taxable bonds for the project.
Morehouse and Spelman entered into a 50-year lease agreement with Madrone as part of the development team, which includes Clark Construction and CD Moody Construction as construction manager, Moody Nolan as architect, and Pape-Dawson as civil engineer, with Raymond James and Loop Capital Markets serving as underwriters. Rents are expected to be about $1,200 per bed per month.