Acres Capital Provides $32M Construction Loan for Athens MF Project
Commercial real estate lender Acres Capital Corp. has provided a $32 million construction loan for The Cottages at Ridge Pointe, a 216-unit rental community located at 940 Creek Ridge Lane in Athens, OH. Acres provided the financing to homebuilder Jim Chapman Communities.
The Cottages at Ridge Pointe is an existing community with all 38 currently available units occupied. An additional 79 units are already under construction, and the loan will fund the creation of 99 new units. The development is made up of single-level, ranch-style homes. Community amenities include a clubhouse, fitness center, outdoor kitchen, grilling station and resort-style pool.
“Our relationship with Acres has resulted in sustained value for The Cottages at Ridge Pointe, and we are excited to advance the project into its next phase of development,” said Jim Chapman. “ACRES’ flexible financing solutions complement our experience in the greater Atlanta metro area, giving us the ability to offer renters a new option in a stellar market.”
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.