ThePad on Harvard Secures Phase I Financing

ATLANTA, June 1, 2015 /PRNewswire/ -- ThePad on Harvard Residential LP has secured the construction financing of its $16.5 million multi-family development from Atlantic Capital Bank.

Construction on the 109-unit deluxe apartment complex in Historic College Park begins this summer. The airport area's newest residential development at Harvard and Princeton avenues will rise just 400 feet from the College Park MARTA Station, and across from Hotel Indigo.

ThePad on Harvard will feature all the amenities discerning residents expect from Class A properties, including a pool and patio area as well as a rooftop sky lounge with a balcony. But residents will find ThePad on Harvard surprisingly affordable compared with similar Metro Atlanta properties, offering rents averaging about $1,500.

Hartsfield Jackson Atlanta International Airport, Chick-Fil-A, Porsche North America and Delta Air Lines are some of the region's sought after employers and are located nearby. ThePad on Harvard embodies the kind of live-work-play options savvy young professionals demand and essential facets of Aerotropolis Alliance's vision of a community around the airport with mass transit interconnectivity.

"This is an inevitable megatrend that provides impetus for investments in transit-oriented-development (TOD)," according to Rod Mullice, Colliers International's National Director for Transit-Oriented-Development Practice and an investor of Air Realty, LLC.

"In addition, this brings in a high-quality living option, walkable destination alternatives and a vibrant community for young professionals in the airport area. They will find it an attractive lifestyle choice," said Mullice.   

ThePad on Harvard Residential LP, which is affiliated with Air Realty LLC and HJ Russell & Company, engaged the highly regarded Atlanta architects at Niles Bolton Associates to design ThePad on Harvard and HJ Russell & Company for construction oversight.

Jerome Russell, President of HJ Russell & Company, said he is pleased to forge a relationship with a community leader such as Atlantic Capital Bank.

"We are looking forward to the completion of this historic project in College Park," he said.

Romel Canete, an Air Realty, LLC investor, announced that this project is one of a series of strategic investments focused primarily on TOD.

Phase II, a 75,000 square foot office complex on the 3.5-acre site, will follow the completion of Phase I later.

Contact:
Julie Hairston
GigaWord Communications
404-273-2039
[email protected]

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SOURCE ThePad on Harvard Residential LP