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ACRE provides $26.5m to MED Developers to refinance The Lowe in Savannah
ACRE, through the company’s newest debt fund, ACRE Credit II, has provided $26.5 million to MED Developers for the refinance of The Lowe, a newly built class A multifamily residential development located in Savannah, Ga.
The loan was brokered by JLL Capital Markets and will be used to refinance MED Developers’ existing construction debt. Pegasus Residential will manage the property.
“Despite the strong demand for additional multifamily development across the U.S., there is still significantly less liquidity in the market due to recent rate hikes and persistent inflation allowing ACRE to gain market share providing institutional sponsors with the debt,” said Sam Browne, vice president at ACRE. “We are excited to work with MED Developers on this transaction as we continue to seek out additional opportunities in multifamily assets in growing secondary markets across the U.S.”
The Lowe offers 135 studio, one- and two-bedroom residences ranging in size fr