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Chamblee DDA authorizes chair to pursue loan terms to buy Pierce parcels ahead of Greystar deal
Summary
The DDA authorized the chair to accept and negotiate a United Bank Shares term sheet dated 09/19/2025 for short-term financing to purchase 5,546 and 5,554 Peachtree Road so the Pierce parcels can be part of a larger Greystar transaction; the board required any pre-closing fees to return to the board for approval.
The Downtown Development Authority voted unanimously to authorize its chair, in consultation with counsel, to accept and negotiate a term sheet from United Bank Shares for short-term financing to acquire two Pierce parcels (5,546 and 5,554 Peachtree Road) needed for the city center project. The term sheet presented to the board was dated Sept. 19, 2025, and the chair explained the financing is intended as a 6–24 month hold, with an optional 12‑month extension if the larger Greystar transaction requires more time. "The purchase and sale agreement for the Pierce properties are such that we need to close on those by December 15," the chair said, describing the timetable that prompted the financing request.
Board counsel read a draft resolution authorizing the chair to accept the term sheet and direct preparation of financing documents for later board approval; the motion also required additional board approval for any commitment or loan fees payable before closing. Members noted the DDA would likely refinance to long-term financing in the future if the Greystar sale proceeds and emphasized continuing legal and staff review before final commitments.
