Armada Hoffler, a REIT with a portfolio mainly in the Mid-Atlantic and Southeast regions, has announced an agreement to purchase The Interlock – a mixed-use development located in Atlanta’s West Midtown area. This $215 million off-market acquisition is expected to significantly add to the company’s existing portfolio of investments within the region.
To finance this purchase, Armada Hoffler plans on utilizing $100m of new fixed rate financing which will include an unsecured term loan worth $75m as well as converting an existing mezzanine loan into equity and issuing units of limited partnership interest from its operating partnership to sponsor developers. It is anticipated that this acquisition will close by Q2 2023.
The Interlock offers 311,000 square feet for commercial use along with 835 parking spaces available for tenants’ convenience.
“The Interlock stands out as another remarkable addition to our growing collection of high profile mixed use developments across the Southeast,” said Louis Haddad – President & CEO at Armada Hoffler .
