Commercial bank BHI provided $50 million to an affiliate of The Kolter Group as part of an overall $133 million credit facility secured to finance “The Dillon”, the company’s 144-unit luxury condominium project in the Buckhead neighborhood of Atlanta. BHI is acting as administrative agent for the credit facility.
The project, located at 2395 Peachtree St. in Atlanta, will be an 18-story glass tower comprised of 301,296 sellable square feet, and is expected to be completed by January 2025.
Kolter, together with its affiliates, is a real estate development and investment firm with more than $26 billion of completed and in-process investments in residential projects since the firm’s founding in 1997. Kolter has had a relationship with BHI since 2019, with the bank providing facilities for multiple of its commercial real estate development projects in the Southeast.
Headquartered in Palm Beach County in Florida, Kolter has more than 75 active projects across the Southeast. The company’s luxury condo business has a 25-year track record of developing projects in urban-infill and waterfront locations.
The Dillon is located in Buckhead, an affluent commercial and residential district that comprises the northern fifth of the city of Atlanta. The complex will contain an overall unit mix comprised of one, two, and three-bedroom units ranging in size from 1,470 square feet to 3,754 square feet.
The project’s amenities will include a covered arrival plaza with valet parking available, 24/7 security desk, amenity deck featuring a resort-style pool and separate spa, poolside cabanas, event lawn, pickleball court, dog park, clubroom with catering kitchen, movie screening room, game room with golf simulator, various work-from-home office areas, a fitness center and a guest suite.
“Kolter’s market and sector expertise, financial strength and investment discipline have enabled the firm to execute projects of significant scale while delivering strong results across any real estate cycle,” Gil Karni, CEO of BHI, said. “Not only does Kolter have a stellar track record of delivering in-demand real estate projects across the Southeast; their hyperlocal knowledge of the Buckhead submarket is unrivaled, having just successfully delivered a fully-sold 45-unit luxury condominium project in 2022 called ‘The Graydon’ one-quarter of a mile away from this location.”
“BHI has proven to be an active partner for Kolter. We appreciate their support across multiple business lines and markets, and their ability to reliably deliver financing tailored to the needs of our projects. We’re excited to continue collaborating with BHI as we continue in our path of growth.,” Malcolm Joy, director of capital markets for Kolter, said.
