Georgia Luxury Development Scores $32M Loan
- Jan 13, 2020
Jim Chapman Communities has obtained nearly $32 million in construction financing for the completion of The Cottages at Ridge Pointe, a 216-unit luxury development delivered in phases in Athens, Ga. ACRES Capital Corp. originated the 18-month loan for the project’s 99-unit second and final phase.
The lender also provided a $15.1 million construction loan for the development’s first phase that opened its doors to residents in July.
Located at 940 Creek Ridge Lane, The Cottages at Ridge Pointe currently consists of 38 completed units, with an additional 79 units still under construction. The development’s single-story homes consist of two- and three-bedroom apartments ranging in size from 1,000 to 1,356 square feet. Common-area amenities include a pool, clubhouse and fitness center, as well as an outdoor kitchen with grilling station.
The Cottages at Ridge Pointe is some 10 miles west of downtown Athens. There are numerous shops and restaurants alongside the nearby U.S. Route 78, with Athens Promenade a few miles east of the community. Major employers nearby include the University of Georgia, St. Mary’s Health Care System and Piedmont Athens Regional Hospital.
In July, ACRES Capital originated a $74.5 million loan for the construction of a 48-unit luxury condominium community in Key Largo, Fla. The development is underway within the Ocean Reef country club.