Multi-housing community financed in suburban Savannah with $24M loan
JLL Capital Markets arranged the acquisition loan for Ashton at Richmond Hill in Richmond Hill, Georgia
MIAMI, Feb. 1, 2022 – JLL Capital Markets announced today that it has arranged a $24 million financing for Ashton at Richmond Hill, a 232-unit, garden-style, affordable apartment community in the Savannah, Georgia suburb of Richmond Hill.
JLL worked on behalf of the borrower, Beachwold Residential, LLC., to originate a floating-rate acquisition loan through Sound Point Capital Management. Sound Point’s Southeast originations team was led by Jordan Heller.
Built in 1995, the apartment community features one-, two-, and three-bedroom apartment homes with open-concept living areas, a chef’s kitchen, full-size bathrooms, walk-in closets, private balconies or patios, plush carpet and wood-style flooring. The community amenities include a swimming pool with a sundeck, a 24-hour fitness center, sand volleyball and tennis courts, a resident lounge, a business center, a picnic area and a children’s play area.
Located at 505 Harris Trail Rd., the property is situated just outside of Savannah and offers easy accessibility to Interstate 95 and Ocean Highway. Nearby outdoor sites include J F Gregory City Park, Al Bungard Conservation Area, Coastal Georgia Botanical Gardens, Green Creek Trail, Coastal Georgia Botanical Gardens at the Historic Bamboo Farm and Sterling Creek Park. Additionally, the location provides proximity to local retail such as Savannah Festival Outlet Center, The Shoppes at Richmond Hill, Sawmill Plaza, Anderson Mercantile and Ford Plaza.
The Capital Markets Debt Advisory team representing the borrower included Senior Managing Director Elliott Throne, Director Kenny Cutler and Analyst Karim Khaiboullin.
“Beachwold was able to secure a flexible acquisition financing solution at a time when the bridge market had an excellent appetite for this type of product in the Sunbelt,” said Cutler. “They are adding a fantastic asset to their portfolio, broadening their footprint in the Savannah MSA and executing a proven business plan.”
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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 in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Beachwold Residential, LLC.
Beachwold Residential and its principals have built, owned and managed multifamily properties for 40 years. The firm controls 65 properties and 15,000 multifamily units in Connecticut, Texas, Florida, Georgia, Virginia, Maryland, New Jersey and Tennessee.
About Sound Point Capital Management, LP
Sound Point is an alternative asset management firm founded in 2008 with particular expertise in credit strategies. Based in New York, with offices in London, the firm manages money on behalf of institutional investors including top-tier pensions, foundations, insurance companies, wealth management firms and family offices. Sound Point's strategies span the spectrum of liquid and illiquid credit alternatives and include funds and managed accounts focused on leveraged loans, special situations, distressed debt, structured credit, direct lending and commercial real estate. Sound Point currently manages approximately $25 billion of assets. Five principals of Stone Point Capital LLC, as well as Dyal Capital Partners, an affiliate of Neuberger Berman Group, are strategic investors in our business. For more information, please visit Sound Point's website at soundpointcap.com.