SAVANNAH, GA. — Walker & Dunlop has brokered a $78.6 million bridge loan to facilitate the refinancing of Ann Street Lofts, a 389-unit property in Savannah’s Historic District. Ann Steet Lofts was completed in 2023 and rises six stories. The property offers 162 studios, 51 one-bedroom units, 19 two-bedroom apartments and 10,000 square feet of retail space. Amenities include co-working spaces, an art studio, fitness center and EV charging stations. The borrower and developer, Tidal Real Estate Partners LP, plans to use the five-year loan retires previous construction debt on …
MCDONOUGH, GA. — CBRE has negotiated $45.9 million in acquisition financing for The Preston, a 334-unit community located at 100 Preston Creek Drive in the southeast Atlanta suburb of McDonough. The borrower, ARC Multifamily, purchased the asset for $52.4 million. CBRE originated a $34.2 million senior Fannie Mae loan and arranged an $11.7 million preferred equity investment from Related Fund Management on behalf of ARC Multifamily. Blake Cohen and Charlie Clark of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the financing. The Preston was built in …
DOUGLASVILLE, GA. — Resia has opened Resia Tributary, a 433-unit community located in Douglasville, approximately 20 miles west of Atlanta. Located at 1851 Market Street, Resia Tributary spans seven five-story buildings. Units come in studio, one- and two-bedroom floor plans. Apartments feature stainless steel appliances, in-unit washers and dryers, granite countertops and vinyl plank flooring. Community amenities include a fitness center and a pool. The property also includes a two-story building with 9,000-square-foot retail space on the first floor and 13 one-bedroom lofts available for lease on the second floor.
ATLANTA — In order to satisfy long-term affordability commitments, builders and designers of affordable housing must be well educated about the sector’s exacting design and construction rules, which are typically driven by the source of a project’s funding. A panel of construction experts speaking at the InterFace Affordable Housing Southeast conference held Thursday, May 9 at Cobb Galleria Centre shared insights about how their industry is meeting these standards today. The inaugural conference hosted by France Media’s InterFace Conference Group and Southeast Multifamily & Affordable Housing Business magazine drew approximately 170 industry …
CHARLOTTE, N.C. — Tower Capital has arranged a $19.1 million loan for the refinancing of the first phase of Poplin Glen, a 268-unit build-to-rent project in the Charlotte. The borrower was a real estate investment company headquartered in Arizona. The loan replaced a bridge loan that Tower Capital arranged in July 2021 to facilitate the acquisition of the townhomes at certificate of occupancy with the intention to lease all the units. The initial phase of Poplin Glen comprises 99 units and was completed in 2021 and 2022. The community offers …
D’IBERVILLE, MISS. — Red Oak Capital Holdings LLC has provided a $7.7 million loan for Ocean Shores Apartments, a 128-unit affordable housing asset in D’Iberville. Craig Hall of CBRE brought the opportunity to Red Oak Capital. Jeff Joyner, Hermann Wendorff and Jesus Martinez of Red Oak Capital originated the loan. The fixed-rate loan is interest-only and carries a two-year term, with an all-in interest rate of 9.5 percent. The borrower, an entity doing business as Ocean Shores Property Owner LLC, will use the loan to acquire the property. The funds …
MIAMI — Berkadia has arranged a $54.5 million loan for the refinancing of Pier 19 Residences & Marina, a 199-unit high-rise community located along the Miami River in downtown Miami. Neology Development was the borrower. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia’s Miami office secured the five-year, fixed-rate loan through Apollo. Pier 19 Residences & Marina was built in 2011 as condominiums. Neology Development acquired the asset in 2018 and converted the property into apartments. Monthly rates range from $2,300 to $4,500. Pier 19 Residences & Marina features …
CLARKSVILLE, TENN. — Matthews Real Estate Investment Services has negotiated the sale of Victory Place Townhomes, a 194-unit property located at 401 Victory Road in Clarksville, about 54 miles northwest of Nashville. BridgeGaps purchased the asset in a 1031 exchange with the seller, Singletary Construction. The community traded hands for $31 million. Austin Tomaiko and Austin Graham of Matthews represented the seller in the deal. Victory Place Townhomes was developed by Singletary Construction in 2021. The property features amenities such as a pool, fitness center, leasing office and dog parks. …
LAGRANGE, GA. — Alliance Residential Co. has opened Prose LaGrange, a 315-unit property in LaGrange, approximately 68 miles southwest of Atlanta. Located at 1900 Vernon Street, Prose LaGrange includes one- and two-bedroom units averaging 997 square feet. Amenities include a pool, clubhouse with entertainment kitchen, business center with co-working spaces, pet park, fitness center and mailroom with Luxor package lockers. The property is situated adjacent to WellStar West Georgia Medical Center and the Merganser Shopping Center, which includes a Publix, Starbucks and Chick-fil-A.
HICKORY, N.C. — Ohio-based developer Redwood Living is underway on Redwood Hickory, a 154-unit build-to-rent community in Hickory, 59 miles northwest of Charlotte. Residences will come in two-bedroom layouts ranging from 1,294 to 1,381 square feet. Units will feature vaulted ceilings, bonus living space, attached two-car garages, washer and dryer hookups, full-size appliances and patios. Monthly rents start at $2,099 per month. A construction timeline for the project was not disclosed.