Novare Group has plans to develop Populus at Pooler, a 316-unit, surface parked class A multifamily community located in the Savannah, Ga. It is expected to deliver the first units in the fall of 2022.
It received a $17 million construction loan by Preferred Apartment Communities (PAC).
Jeff Sherman, PAC’s president of multifamily said, “We are excited to expand our footprint into the Savannah submarket, which has seen significant growth in recent years. Savannah benefits from a diverse economy, driven by the Port of Savannah, the third-largest port in the country, as well as manufacturing, aerospace and tourism industries.”
The project is additionally capitalized with a construction loan and a significant equity contribution from the sponsor, Novare Group.
