ACRES Capital Corp. has originated a $50.5 million loan to fund the construction and stabilization of Baldwin Village, a five-building, multifamily community featuring residential units and retail located at 475 Baldwin Street in Athens, Georgia. The loan is provided to sponsor Parker & Associates, an Athens-based property management and development firm with deep expertise in the local market.
Athens’ economy is driven partially by the growth of the University of Georgia, and as a result the city is rapidly expanding into a healthcare, technology, and innovation hub. RWDC Industries LLC, a biotechnology firm founded by the University’s innovation lab in 2015, has brought over 300 high-paying jobs to the city. These new employment opportunities have created significant demand for market-rate housing proximate to the University’s campus.
Baldwin Village will feature:
157 multifamily units
Approximately 25,000 square feet of retail space
221 parking spaces