JLL Capital Markets announced that it has arranged a $24 million financing for Ashton at Richmond Hill, a 232-unit, garden-style, affordable apartment community in the Savannah, Georgia suburb of Richmond Hill.
JLL worked on behalf of the borrower, Beachwold Residential, LLC., to originate a floating-rate acquisition loan through Sound Point Capital Management. Sound Point’s Southeast originations team was led by Jordan Heller.
Built in 1995, the apartment community features one-, two-, and three-bedroom apartment homes with open-concept living areas, a chef’s kitchen, full-size bathrooms, walk-in closets, private balconies or patios, plush carpet and wood-style flooring. The community amenities include a swimming pool with a sundeck, a 24-hour fitness center, sand volleyball and tennis courts, a resident lounge, a business center, a picnic area and a children’s play area.
Located at 505 Harris Trail Rd., the property is situated just outside of Savannah and offers easy accessibility to Interstate 95 and Ocean Highway. Nearby outdoor sites include J F Gregory City Park, Al Bungard Conservation Area, Coastal Georgia Botanical Gardens, Green Creek Trail, Coastal Georgia Botanical Gardens at the Historic Bamboo Farm and Sterling Creek Park. Additionally, the location provides proximity to local retail such as Savannah Festival Outlet Center, The Shoppes at Richmond Hill, Sawmill Plaza, Anderson Mercantile and Ford Plaza.
The Capital Markets Debt Advisory team representing the borrower included Senior Managing Director Elliott Throne, Director Kenny Cutler and Analyst Karim Khaiboullin.
“Beachwold was able to secure a flexible acquisition financing solution at a time when the bridge market had an excellent appetite for this type of product in the Sunbelt,” said Cutler. “They are adding a fantastic asset to their portfolio, broadening their footprint in the Savannah MSA and executing a proven business plan.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
