News release

Capitalization secured for midtown Atlanta multi-housing development

JLL Capital Markets arranged financing for the 326-unit apartment project at 1405 Spring St. in Atlanta, Georgia

May 25, 2022

Jenna Sharp

Capital Markets PR
+1 214 438 6450

ATLANTA, May 25, 2022 – JLL Capital Markets announced that it has arranged the full capitalization for the construction of 1405 Spring, a 326-unit, high-rise multi-housing development in midtown Atlanta, Georgia.

JLL represented the development’s sponsorship team, a venture between JPX Works and Zeller, to arrange the full capital stack for the project with Manulife Investment Management.

Situated on .54 acres, the 31-story 1405 Spring will offer studio, one-, two- and three-bedroom units, as well as luxury penthouses. The building’s 21 residential levels will sit atop a ground-level lobby, obscured eight-level parking garage and a full level of best-in-class amenities, including multiple indoor lounge areas, coworking spaces, fitness center, yoga and meditation studio, pool, sundeck and covered outdoor lounge with firepits.

1405 Spring is situated at the southeast corner of 18th and Spring Streets in Midtown’s burgeoning northern arts district. The area is home to many of Atlanta’s most beloved arts and cultural institutions, including the Woodruff Arts Center, MODA and the Center for Puppetry Arts. The conveniently located site is just blocks from the Arts Center MARTA station, offers quick access to I-75 and I-85 and is adjacent to the new bike lane being added to Spring Street. The 31-story building will replace a vacant, single-level commercial building that most recently served as The John Marshall Law School’s Blackburn Conference Center. The new building will overlook Midtown and Downtown to the south, Atlantic Station to the west, Ansley Park to the east and offer unobstructed views of Buckhead four miles to the north.

Interest in the north end of Midtown has been catalyzed by the rapid expansion of the Savannah College of Art and Design (SCAD) around 19th Street, the development of Midtown Union at 17th Street, the renovation of 1200 Peachtree, which VISA will soon call home, at 15th Street and Microsoft’s massive expansion at Atlantic Yards along the eastern edge of Atlantic Station.

The JLL Capital Markets Advisory Team representing the borrower was led by Senior Managing Director Ed Coco, Managing Director Matt Casey and Vice President Kelsey Bawcombe.

“JPX Works and Zeller are elevating the standard of architecture within Atlanta and will deliver a best-in-class product to complement and benefit from the continued job growth and in-migration from higher cost metros into Atlanta,” said Coco.  “With a core location in Midtown and a proven development team, Manulife Investment Management represents the ideal investment partner and long-term owner for this project.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About JPX Works

JPX Works, LLC is a design-driven real estate development firm based in Atlanta, GA. Founded by Jarel Portman in 2011, JPX Works focuses on urban in-fill development and redevelopment opportunities. The individuals that make up JPX Works share a foundational belief that good design is good business and have a common vision for creating vibrant and inspiring places that positively impact our built environment. A key component of JPX Works’ investment strategy is to create value by unlocking the potential of well-located but constrained urban sites through ingenuity and collaboration with stakeholders. JPX Works’ most recent multifamily development is lilli Midtown, a dynamic 24-story multifamily tower across from the Fox Theater that helped reinvigorate the historic core of Midtown. For additional information, visit

About Zeller

Zeller is a vertically integrated commercial real estate investment and development firm that has offered investors exceptional expertise, innovation, and insight to value for over 30 years. Zeller strategically selects properties for value creation, repositioning and reintroduction to their markets, while maximizing efficiency by providing a full spectrum of real estate services, including development, leasing, management, and construction. Headquartered in Chicago, Illinois, Zeller owns and operates assets in Colorado, Georgia, Illinois, Indiana, Minneapolis, Ohio, Oregon, Texas, and Wisconsin and continues to grow and expand its holdings nationally. Since its formation, the company has delivered strong returns for its partners and co-investors by providing best-in-class service to enhance value. Currently, Zeller owns and operates a portfolio of nearly 9.8 million square feet valued at $2.7 billion. Zeller has been an active office investor in the Southeast, with three recent acquisitions in Atlanta totaling 1.35M square feet and is currently co-developing a 242-unit multifamily tower in Chicago. For more information, please visit:

About Manulife Investment Management

Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 19 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions.

Manulife Investment Management develops and manages commercial real estate around the globe as part of its comprehensive private markets’ capabilities. As of March 31, 2022, the real estate portfolio totals over 63 million square feet of office, industrial, retail, and multifamily space strategically located in markets across Canada, the U.S., and Asia Pacific. The group leverages its global platform and local expertise to provide market-leading solutions for its tenants and deliver results for its partners,

For additional information, please visit