River North Snags Loan for LaGrange BTR Community
River North Real Estate Partners obtained a $33.5 million construction loan to build a 152-unit build-to-rent community in LaGrange. JLL Capital Markets secured the three-year, floating-rate loan.
Canopy Crest, located at Young’s Mill Road at Hammett Road in LaGrange, sits 2 miles from downtown LaGrange. The 44-acre property is adjacent to the Georgia International Business Park, one of the largest in the nation.
Canopy Crest represents Phase I of the overall development, featuring detached homes and “barndominium” ranch-style housing averaging 1,242 square feet. The community will offer amenities including a fitness center, pool, walking trails, dog parks, picnic areas and fire pits. All homes will feature fenced backyards.
JLL Capital Market’s Debt Advisory team representing the borrower was led by John Davis, Hunter Goldberg and Hamp Gibbs.
River North plans to begin construction with completion expected in 2027. The development is located within a Qualified Opportunity Zone.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout