ACRES Capital originated a nearly $32 million construction loan to fund the completion of The Cottages at Ridge Pointe, a 216-unit rental community located at 940 Creek Ridge Lane in Athens, Georgia. The loan carries a term of 18 months and is provided to sponsor Jim Chapman Communities, one of metro Atlanta’s premier homebuilders.
The Cottages at Ridge Pointe is an existing community with all 38 currently available units occupied. An additional 79 units are already under construction, and the loan will fund the creation of 99 new units to accommodate high demand.
The development is made up of the following:
Other amenities include an expansive clubhouse, fitness center, outdoor kitchen and grilling station, and a resort-style pool. As the existing lender on the project, ACRES was selected for the new loan by the sponsor for its ability to creatively structure a financing solution to be instituted throughout multiple phases of the project.
The Cottages at Ridge Pointe is located approximately eight and a half miles from Downtown Athens. Athens’ multifamily market maintains solid fundamentals, with its high occupancy and rent growth attracting a variety of institutional investors.