Synovus Bank Supplies $35M Construction Loan for Alabama Apartments

One Real Estate Investment (OREI) has landed $34.8 million of construction financing to build a multifamily development in Montgomery, Ala.

Synovus Bank provided the floating-rate loan at a 65 percent loan-to-cost for the developer’s planned 264-unit The One at Montgomery project set to open in mid-2026, according to Berkadia, which brokered the deal. 

Berkadia arranged the transaction with a team led by Brad Williamson, Patrick Johnson, Mitch Sinberg, Scott Wadler and Matt Robbins. 

Located at 10510 Chantilly Parkway in Montgomery’s EastChase neighborhood, the garden-style rental complex will comprise 96 one-bedroom apartments, 132 two-bedroom units and 36 three-bedrooms. Community amenities will include a fitness center, yoga studio, pool, sauna and golf simulator. 

Jeronimo Hirschfeld, founder and CEO of OREI, said in a statement that the loan “marks a significant step forward in expanding our development footprint” with the Montgomery project also reinforcing its “commitment to delivering high-quality developments in high-growth markets.”

Synovus Bank did not immediately return a request for comment.

OREI has been active lately in the Sun Belt, securing a $52 million construction loan from North River Partners and Amzak Capital Partners in April 2024 for its The One at Columbia multifamily project in Columbia, S.C., Commercial Observer previously reported. 

The Miami-based developer also sealed $47 million of construction financing from City National Bank of Florida in July 2023 to build its 360-unit The One at Hope Mills development in Fayetteville, N.C.

Andrew Coen can be reached at acoen@commercialobserver.com