
ACRE Provides MED Developers with $26.5 Million to Refi The Lowe
ACRE has provided $26.5 million to MED Developers for the refinance of The Lowe, a newly built, class-A multifamily development in Savannah.
The loan was brokered by John Gavigan, managing director of JLL Capital Markets, to refinance MED Developers’ existing construction debt. Pegasus Residential will manage the property.
“Despite the strong demand for additional multifamily development across the U.S., there is still significantly less liquidity in the market due to recent rate hikes and persistent inflation allowing ACRE to gain market share providing institutional sponsors with the debt,” said Sam Browne, vice president of ACRE.
The Lowe opened in March. It has 135 studio, one- and two-bedroom residences. Units feature keyless entry, high speed Wi-Fi, quartz countertops with designer backsplashes, private balconies, and in-unit washers and dryers. Community amenities include resort-style swimming pool, fitness center, luxury club room, pet spa, grilling area, covered parking and bicycle storage room.
- ◦Financing