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CushWake Secures $47M Construction Loan for Douglasville MF Community
Cushman & Wakefield has secured a $46.9 million construction loan for the development of Sweetwater Vista, a 300-unit apartment community in Douglasville, GA.
Located on Riverside Parkway in Douglasville, the property will include nine three- and four-story buildings with an average unit size of 1,000 square feet. Construction on the community began in August. Michael Ryan, Brian Linnihan, Richard Henry and Blake Cohen of Cushman & Wakefield secured the preferred equity investment through Nationwide Insurance Co. and senior financing through Synovus Bank. The borrower/developer is Vista Realty Partners.
“Despite the explosive industrial development, multifamily construction in Douglas County has been relatively muted, resulting in a submarket predominantly comprised of older-vintage assets that have benefitted from substantial rent growth given the lack of new supply,” said CushWake’s Ryan. “Additionally, the County’s zoning requirements allow for a maximum of only six units per acre for multifamily projects, making it difficult to develop new multifamily in Douglas County. Sweetwater Vista will benefit from limited competitive supply within a high-barrier to-entry market.”
For comments, questions or concerns, please contact David Cohen
- ◦Development
