Toro Development Company, a mixed-use real estate firm led by Mark Toro, announced today it has secured financing for Medley, the $560 million, 43-acre mixed-use community coming to Johns Creek, an affluent suburb of Atlanta. The milestone paves the way for Medley’s groundbreaking in December, with an anticipated opening in late 2026.
The noteworthy deal includes an equity investment from Ascentris, a Denver-based real estate private equity firm, and a $158 million construction loan from Banco Inbursa, out of Mexico City, for the first phase.
TDC is one of the first movers to finance a large-scale, ground-up project this year as the commercial real estate industry faces a recession brought on by high borrowing costs and seismic shifts in real estate following the pandemic.
“It was a heavy lift, but the fundamentals of experiential mixed-use real estate remain attractive to the right investors, even in today’s frigid market,” said Toro, who is best known for his work developing Avalon in Alpharetta, Georgia. “Medley represents one of the best suburban real estate sites in the country, and it serves a community that is lacking a ‘Third Place’ to gather with others. Our plan will completely transform a struggling, commodity office park into a walkable, urban oasis for Johns Creek – this is the kind of project the investment community is excited to hear about.”
Located at the corner of McGinnis Ferry Road and Johns Creek Parkway, Medley will encompass 150,000 square feet of retail, restaurant and entertainment space, a 175-key boutique hotel, 110,000 square feet of lifestyle office, 750 multifamily residences, 133 townhomes and an activated 25,000-square-foot Plaza.
The company purchased the suburban office park for $44 million in March 2024 and has since razed a 350,000-square-foot office building to prepare the site for construction. TDC will renovate and incorporate the other existing office building into the master plan to create a commute-worthy workplace.
Notably, Medley represents an important part of Johns Creek’s 192-acre Town Center Vision and Plan, which will weave together quality housing, restaurants, retail and offices through new public pathways and parks. TDC will infuse its signature approach to resort-style hospitality, entertainment and community building at Medley, which includes hosting approximately 200 events per year, ranging from outdoor wellness classes and live music to art festivals and watch parties.
Announced retailers for Medley include Ford Fry’s Little Rey, CRÚ Food & Wine Bar, Fadó Irish Pub, Summit Coffee, Lily Sushi Bar, Knuckies Hoagies, Cookie Fix, Sugarcoat Beauty, BODY20, AYA Medical Spa, 26 Thai Kitchen and Bar, Five Daughters Bakery, Drybar® Shops, Minnie Olivia, Burdlife, Amorino, Pause Studio, Fogón and Lions and Clean Your Dirty Face®.
To learn more about the project, visit medleyjohnscreek.com.
About Toro Development Company:
Toro Development Company (TDC) acquires underperforming assets and transforms them into vibrant mixed-use environments that achieve coveted “third place” status – inspired places where people come to feel connected and engaged, something the world needs now more than ever. Third places also produce a quantifiable value premium on rents and valuations; TDC calls this The Third Place Effect. The team, led by Mark Toro, has a track record of delivering outsized returns to investors, as evidenced by their work on Avalon in Alpharetta and Colony Square and Atlantic Station in Midtown Atlanta, among other noteworthy projects. TDC’s differentiated model combines data analysis with creative thinking and a commitment to community, and it is uniquely positioned to exploit the best uses for each development or redevelopment opportunity. For more information, visit torodevco.com.
About Ascentris:
Ascentris is a real estate private equity firm based in Denver, Colorado that manages a series of fully discretionary institutional vehicles targeting both value-add and core investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that provides an unmatched level of service, transparency, and accountability. Ascentris is a privately held and management-owned SEC-registered[1] investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at Ascentris.com.
[1] Being a registered Investment Advisor with the SEC does not imply any level of skill or training
About Banco Inbursa:
Banco Inbursa is one of the largest banks in Mexico that specializes in acquisition, bridge financing and construction lending within the U.S. Banco Inbursa has been an active and impressive lender in ground-up construction, residential redevelopment and development, mixed-use construction and hospitality in North America since 2008.
