$24M construction loan secured for Savannah multifamily development
JLL Capital Markets led financing efforts for The Lowe, a multi-housing development to-be-built in the historic Victorian District
CHARLOTTE – Apr. 27, 2021 – JLL Capital Markets announced today that it has arranged $24 million in financing for The Lowe, a 135-unit multi-housing development to-be-built in Savannah, Georgia.
Working on behalf of MED Developers, JLL placed the construction loan with ACRES Capital out of Westbury, New York.
The Lowe is located at 1500 Montgomery St. in the historic Victorian District of Savannah. This location is within walking distance of the Savannah College of Art and Design, and numerous parks, retail and entertainment areas within the historic district. Additionally, residents will have easy access to Interstates 16 and 95 providing regional connectivity.
The community will consist of a four-story, podium style building boasting best-in-class amenities, including a pool, clubhouse, fitness center, outdoor grills and will be one of the few properties with secured tenant parking.
JLL’s Capital Markets team representing the borrower was led by Director John Gavigan.
MED Developers team was led by Nick Finland, their head of development.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About MED Developers
MED Developers is an innovative multi-family developer focusing on high barrier to entry markets, with a portfolio spanning all sectors of residential uses including Class A apartments, affordable housing and special purpose buildings. MED continues to grow its portfolio with offices in Washington, D.C. and Savannah, GA.