headquarters. Image courtesy of Landmark Properties
headquarters. Image courtesy of Landmark Properties
headquarters. Image courtesy of Landmark Properties
Landmark Properties has recapitalized The Mark Athens, a 1,364-bed student housing community in Athens, Ga., serving the University of Georgia. Helaba Bank provided the $140 million, 5-year loan, according to public records.
Previous financing for the project includes a $120 million permanent loan from the same lender issued in 2019, as well as a $42.2 million construction note from Wells Fargo Bank originated in 2021, according to Yardi Matrix.
Landmark developed the Class A asset in two phases, between 2017 and 2022. The 928-bed first phase consists of two buildings with studio and one- to five-bedroom layouts, ranging between 452 and 2,557 square feet, while the 436-bed second phase comprises one building with studio, one-, two- and three-bedroom floorplans, varying from 489 to 1,320 square feet. The fully furnished units feature washers, dryers and private balconies or patios in select units.
The community also includes a total of 67,000 square feet of retail and 46,734 square feet of office space. Common-area amenities total 55,000 square feet and contain a rooftop swimming pool with sun deck, study spaces, a fitness center, a golf-simulator, a racquetball court and an indoor basketball court. In addition, there are cabanas, penthouse lounges and a media room.
Mark Athens is at 130 Hickory St., within walking distance of University of Georgia’s campus and Sanford Stadium. Downtown Athens, comprising several dining options, is less than a mile away, while retail center Georgetown Square is within 3 miles. Athens-Ben Epps Airport is less than 4 miles southeast. The Connection at Athens, a 876-bed student housing property that changed hands last year, is 4.5 miles away.
Landmark’s growing national footprint
Last month, Landmark has recapitalized The Standard at Austin, a 934-bed student community in Austin, Texas. In addition, the company acquired a 15-acre site in Boulder, Colo., for the development of a 303-unit, 936-bed student housing property that will break ground in the following months. Completion for that project is scheduled for fall 2027.
The firm also partnered with Manulife Investment Management for the construction of an 859-bed luxury student property in Tallahassee, Fla. Already under construction, it is expected to come online in August next year.
