Edison Real Estate Partners Secures $34.9 Million Loan For Covington Center Development In Georgia
329 Harold Dobbs Road
$34,900,000
Building Size
—
Asset Type
Development Site
Closing
Jun 24, 2025
AI
The asset involved in this transaction is a development site located at 329 Harold Dobbs Road, Covington, GA. The site is part of the Covington Center, which consists of 387 residential units and is financed with a senior construction loan amounting to $34,900,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $34,900,000
- Lender: Edison Real Estate Partners
- Broker: Daniel Eidson & Ben Applebaum - Concord Summit Capital
- Loan Type: Construction
The financing for this project was arranged by Concord Summit Capital, involved in facilitating the senior construction loan. Edison Real Estate Partners is the developer responsible for the residential project, which aims to enhance the housing landscape in Covington, Georgia.
Players
Covington Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93