Jones Lang LaSalle Incorporated: multi-unit community financed in suburban Savannah with $24M loan
MIAMI, February 1, 2022 – JLL Capital Markets announced today that it has arranged $24 million in financing for Ashton at Richmond Hill, a 232-unit garden-style affordable apartment community in the Savannah, Georgia suburb of Richmond Hill.
JLL worked on behalf of the borrower, Beachwold Residential, LLC., to originate a variable rate acquisition loan through Sound Point Capital Management. The original Southeast Sound Point team was led by Jordan Heller.
Built in 1995, the apartment community features one, two and three bedroom apartments with open concept living areas, chef’s kitchen, full bathrooms, walk-in closets, private balconies or patios, plush carpeting and wood. -floor style. Community amenities include a swimming pool with a deck, 24-hour fitness center, beach volleyball and tennis courts, residents’ lounge, business center, picnic area, and a playground for children.
Located at 505 Harris Trail Rd., the property is located just outside of Savannah and offers easy access to Interstate 95 and the Ocean Highway. Nearby outdoor sites include JF Gregory City Park, Al Bungard Conservation Area, Georgia Coastal Botanical Gardens, Green Creek Trail, Georgia Coastal Botanical Gardens at Historic Bamboo Farm, and Sterling Creek Park . Additionally, the location offers proximity to local businesses such as the Savannah Festival Outlet Center, The Shoppes at Richmond Hill, Sawmill Plaza, Anderson Mercantile, and Ford Plaza.
The capital markets debt advisory team representing the borrower included senior managing director Elliott Throne, director Kenny Cutler and analyst Karim Khaiboullin.
“Beachwold was able to secure a flexible acquisition financing solution at a time when the bridge market had a great appetite for this type of product in the Sunbelt,” Cutler said. “They’re adding a fantastic asset to their portfolio, expanding their footprint in Savannah’s MSA, and executing a proven business plan.”
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides the best solutions for clients – whether it is sales and investment advice, debt advice, equity advice or recapitalisation. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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