Lument has acquired a $29.6 million loan to fund the construction of Luxe Park Apartments, an eight building, 280-unit luxury apartment community owned by Hand Development, located at 4358 Riverside Dr. in Macon, Ga. GFI Realty Services LLC. represented Lument in the negotiations for the 75 percent loan-to-cost, non-recourse loan, subject to a floating interest rate.
After its completion, the community will host a mix of one-, two- and three-bedroom units. Unit amenities include vinyl flooring, granite countertops, walk-in closets and private appliances. The community features a clubhouse, fitness center and swimming pool. The development is situated adjacent to the Interstate 75 highway, placing it within 10 miles of downtown Macon and near several upscale shopping centers and affluent suburbs.
Lument Director James Kelley represented in the firm in its procurement of the loan, brokered by GFI Realty Director of Investment Sales & Finance Daniel Lerer.
Overall, Macon’s multifamily sector remains has remained a stable, promising market, due to both its location in the Sun Belt region, as well as its affordability in comparison to other cities in the region. The city’s downtown district has become a hotbed of investment and living, in part due to its walkability and diverse employment opportunities, according to a report from NewTown Macon.
Lument CEO James Flynn explained the construction of the property in this context, telling Multi-Housing News, “Luxe Apartments is a great example of the new construction that’s taking place throughout Georgia. It’s a Class A community that’s built to top specs and top-of-the market amenities. Due to in-migration and a favorable business climate, there is demand for new apartments throughout Georgia, and Luxe Apartments fits the need perfectly.”
Another recent luxury headline in Macon is Watercrest Senior Living Group’s recent opening of Watercrest Macon Assisted Living and Memory care, a 98-unit mixed-use senior living center.