Savannah Business Journal Staff Report
November 13, 2018 - CBRE represented the seller, Fairwood Abercorn LLC, and has arranged $19.5 million in acquisition financing on behalf of Chaucer Creek Capital, LLC, the buyer of Terrace at Savannah. The 156-unit apartment community in Savannah was acquired for $19.25 million. Situated within the Midtown/Ardsley Park neighborhood, which comprises some of the oldest and most expensive homes in the area, the property is within close proximity to two major hospitals in Savannah, Memorial University Medical Center and Candler Hospital.
CBRE’s Carolinas Multifamily Team, including David Lansbury, Parker Yates, and Kevin Kempf, in partnership with William Lattimore of CBRE’s Savannah office, represented the seller. CBRE’s Charlotte-based Nate Sittema and Kristen Reilley led the capital markets efforts to secure a MF1 bridge loan for the buyer, who plans to complete major capital improvements including interior renovations and community amenity upgrades.
MF1 is a mortgage REIT solely-focused on providing capital to the multifamily sector, including bridge loans, preferred equity and special situations on conventional apartments, seniors housing and manufactured housing communities. MF1 has created a new multifamily bridge lending program with CBRE Capital Markets that will allow CBRE’s multifamily platform to source and service bridge loans for MF1 REIT, which is led by several seasoned debt and multifamily professionals at Limekiln Real Estate and Berkshire Group. Berkshire Group has been in the multifamily business for 52 years and has sponsored several multifamily debt businesses. Limekiln’s leaders have built and managed several real estate debt platforms and have extensive experience in multifamily debt.
Originally built in 1946, the community is comprised of 16 all-brick two-story residential buildings on 7.48 acres and includes 56 one-bedroom, one-bathroom units and 100 two-bedroom, one-bathroom units. All two-bedroom units feature a walk-up, two-story townhome layout. The buyer plans to perform a significant renovation and repositioning of the community to capitalize on the asset’s location and drive revenue growth over the trailing operations.