Updated Dec 4, 2024
Ryan Hanks Secures $35.5M Construction Loan For Madison Oglethorpe Development In Savannah
Madison Oglethorpe, Savannah, Georgia
$35,500,000
Building Size
—
Asset Type
Development Site
Closing
Feb 28, 2024
About this deal
AI
A garden-style multifamily development, Madison Oglethorpe, located adjacent to Savannah, Georgia's Oglethorpe Mall, secured financing for its construction. The funding included a $35.5 million construction loan from United Bankand preferred equity from Forum Investment Group.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $35,500,000
- Address: Madison Oglethorpe
- Market: Savannah, GA
- Lender: United Bank
- Landlord: Ryan Hanks - Madison Communities
- Loan Type: Construction
Madison Communities, the developer of Madison Oglethorpe, secured the necessary financing through a construction loan from United Bank and preferred equity from Forum Investment Group. Ryan Hanks, representing Madison Communities, played a key role as the landlord in the transaction.
Players
Savannah Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
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