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JEM Obtains $37.25 Construction Loan for Aiken Rental Community
JEM Holdings picked up $37.25 million in financing for the construction of The Parker Aiken Apartments, a 14-building, 336-unit multifamily development in Aiken, South Carolina.
An IPA Capital Markets team of Max Herzog, Marko Kazanjian and Andrew Cohen secured the financing with Protective Life Insurance Company.
“Because of JEM’s strong track record alongside a market ripe for future development like Aiken, our team was able to attract interest from life companies,” said Herzog.
Terms of the seven-year loan include a competitive fixed interest rate and a loan-to-cost of 60%.
The 30-acre property will include a clubhouse with fitness center, recreation, co-working spaces, an outdoor grilling and eating area, a pool and lounge area, a dog park, a leasing office, and a covered mail kiosk.
- ◦Development
- ◦Financing
