Walker & Dunlop Structures $47M for Community in Downtown Savannah OZ
Bethesda, MD-based Walker & Dunlop, Inc., has structured $47 million in financing for the development of The Line, a 219-unit, Class A+ multifamily project in Savannah, GA.
The property is located in downtown Savannah within an Economic Opportunity Zone census tract. Opportunity zones were established by Congress in the Tax Cuts and Jobs Act of 2017 and encourage long-term investments in designated low-income areas by offering incentives in the form of lower or deferred capital gains taxes.
Chris Rumul and Taylor Williams of Walker & Dunlop represented the developer, Standard Communities. Financing was sourced from a regional life insurance company and includes both construction and permanent financing in a single loan. Terms are consistent with opportunity zone guidance, which includes a 12-year construction term with four years of interest-only payments.
Standard’s goal will be to maintain the integrity of the property’s original structure while combining the benefits and amenities of new construction.