ACRE has provided $26.5 million to MED Developers for the refinancing of The Lowe, a newly built, class-A multifamily development in Savannah. JLL Capital Markets’ Managing Director John Gavigan brokered the loan to refinance MED Developers’ existing construction debt and Pegasus Residential will manage the property.
Sam Browne, ACRE’s Vice President commented on their market share gain: “Despite strong demand for additional multifamily developments across the U.S., liquidity is still significantly less due to recent rate hikes and persistent inflation; allowing ACRE to provide institutional sponsors with debt.”
The Lowe opened its doors in March this year offering 135 studio, one- and two-bedroom residences featuring keyless entry systems, high speed Wi-Fi access points as well as quartz countertops with designer backsplashes accompanied by private balconies plus in unit washers & dryers. Community amenities include resort style swimming pool facilities alongside a fitness center along with luxury club room options plus pet spa services together with grilling area covered parking spaces & bicycle storage rooms too!
