ACRES Capital Lends $24M for Georgia Multifamily Complex
MED Developers has landed a $24 million construction loan for a Savannah, Ga., multifamily property, Commercial Observer has learned.
ACRES Capital originated the financing for The Lowe, a 135-unit rental community in Savannah’s historic Victorian District. The transaction was arranged by John Gavigan of JLL (JLL).
“We are thrilled to partner with ACRES, who was able to provide us with a flexible financing package to help bring this project to life,” Nick Finland, MED vice president of development, said in a statement. “We are committed to developing quality assets in high barrier-to-entry markets, and The Lowe will fulfill this need in the highly constrained Downtown Savannah market.”
Located at 1501 Montgomery Street, the four-story, multifamily complex will feature 46 studios, 77 one-bedroom units and 12 two-bedroom apartments. Planned amenities include a clubhouse area, a fitness center and outdoor grills.
The property is situated less than two miles from the Savannah River and within proximity to Interstates 16 and 95. It also sits within walking distance to several Savannah College of Art and Design facilities and the Port of Savannah.
“The Lowe will satisfy the high demand for quality rental units in the Savannah market,” ACRES CEO and President Mark Fogel said in a statement. “Sponsor MED Developers has the expertise to recognize the diversity of Savannah’s demand drivers, which include college students, professionals and a strong military presence.”