ACRE has provided $26.5 million to MED Developers for the refinancing of The Lowe, a newly built, class-A multifamily development in Savannah. John Gavigan, managing director of JLL Capital Markets brokered the loan to refinance MED Developers’ existing construction debt. Pegasus Residential will manage the property and oversee its resort-style swimming pool, fitness center, luxury club room pet spa grilling area covered parking and bicycle storage room amenities for residents who enjoy keyless entry high speed Wi-Fi quartz countertops with designer backsplashes private balconies and in unit washers and dryers within their 135 studio one or two bedroom residences that opened this past March.
Sam Browne Vice President at ACRE commented on how “Despite strong demand for additional multifamily development across U.S., there is still significantly less liquidity due to recent rate hikes combined with persistent inflation allowing ACRE gain market share providing institutional sponsors with debt”
