SunTrust Banks, Inc. (NYSE:STI) today announced that it has closed on a $58.3 million loan with an affiliate of South City Partners for the development of a 26-story student housing project near the Georgia State University campus. The total cost of the development is nearly $90.0 million.
Located at 120 Piedmont Avenue NE at the intersection of John Wesley Dobbs Avenue, the 467,125-square-foot tower, which is called 120 Piedmont, will accommodate 685 students and include 8,200 square feet of retail space.
“SunTrust is proud of our deep roots in Atlanta, and we get tremendous satisfaction from investing in developments like 120 Piedmont that will contribute to the vibrancy of our city for decades to come,” said Mark Hancock, senior vice president at SunTrust Commercial Real Estate. “This is our second project with South City Partners after the very successful Square on Fifth at Georgia Tech. They understand both student housing and the Atlanta market exceptionally well, and we’re pleased to play a part in their latest development.”
Amenities will include a rooftop deck with an outdoor living room, grilling area and study space. The tower will also have a resort-style pool and clubhouse, state-of-the-art fitness center, on-site library, internet café and WiFi throughout the building, among other amenities.
“Georgia State is a growing university with a student body that desires urban living that’s close to campus,” said Will Casaday, development manager at South City Partners. “This development augments GSU’s efforts to draw more students to live near its downtown campus by fulfilling a very real need for affordable student housing options in the area.”
Construction for 120 Piedmont is expected to begin soon. The anticipated open date is August, 2019.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of September 30, 2017, SunTrust had total assets of $208 billion and total deposits of $163 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.
About South City Partners
South City Partners is a fully integrated multi-family development company focused on creating extraordinary residences in distinctive communities while providing our partners with solid returns. South City and its principals have a long history of successfully developing award-winning projects throughout the southeast. South City, formed in 2011 by Mark Randall and John Long, is headquartered in Atlanta, Georgia.