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AIKEN, S.C. — IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), has arranged $37.3 million in construction financing for The Parker Aiken Apartments, a 336-unit development in Aiken, 20 miles northeast of Augusta, Georgia.
The borrower was New York City-based developer JEM Holdings. Max Herzog, Marko Kazanjian and Andrew Cohen of IPA Capital Markets secured the seven-year, fixed-rate loan through Protective Life Insurance Co.
The Parker Aiken Apartments will comprise 14 buildings on a 30-acre site. Planned amenities include a clubhouse with fitness center, co-working spaces, an outdoor grilling and eating area, pool, lounge area, dog park and a covered mail kiosk.