Acres Capital Provides $24M Construction Loan for Savannah MF Property
Acres Capital Corp. has originated a $24 million loan to fund the construction and stabilization of The Lowe, a 135-unit multifamily community in Savannah.
Located at 1501 Montgomery St., the property is located nearby Savannah’s Downtown Street Car District, less than two miles from the Savannah River and within proximity to Interstates 16 and 95. The Lowe will be a four-story, podium-style multifamily building with 80 parking spaces. Planned amenities include a swimming pool, clubhouse area, fitness center and outdoor grills. The unit mix will comprise 46 studio units, 77 one-bedroom and 12 two-bedroom units.
The borrower, MED Developers, is a developer of multifamily properties, condominiums and group housing that owns and manages a portfolio of more than 700 multifamily units. The loan was arranged by John Gavigan of JLL.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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