Find Communities

The Cottages at Ridge Pointe

Athens, GA

Multifamily - Development

Back to all transactions

Athens, GA

The Cottages at Ridge Pointe

MULTIFAMILY - DEVELOPMENT

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:

  • Single-level, ranch-style homes
  • Wide doorways
  • Attached garages
  • Zero-step entrances
  • Ample attic storage space

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.

$31.75 Million

Loan Amount

18 Months

Loan Term

Construction Loan

Loan Product

“Our relationship with ACRES has resulted in sustained value for The Cottages at Ridge Pointe, and we are excited to advance the project into its next phase of development. ACRES’ flexible financing solutions complement our experience in the greater Atlanta metro area, giving us the ability to offer renters a new option in a stellar market.”

- Jim Chapman

Owner of Jim Chapman Communities

RELATED TRANSACTIONS

SoundView Greenport Hotel

HOTEL - ACQUISITION

READ MORE

Harborfront Inn

HOTEL - ACQUISITION

READ MORE

One Atlantic Street

MIXED-USE - ADAPTIVE REUSE

READ MORE