CCI Real Estate closed a $67 million construction loan to advance the redevelopment of the Baptist Collegiate Ministries building at the University of Georgia (UGA) in Athens, Georgia. Developed in partnership with the Georgia Baptist Mission Board (GBMB), the project, called 290 Lumpkin, will deliver new multifamily, retail and gathering spaces to a prime location on UGA’s campus.
CCI chose Affinius Capital to provide construction financing for the project.
Once completed, the eight-story development will offer 243 one- and two-bedroom apartments totaling 353 beds, a 356-space parking deck, a rooftop amenity deck, a student lounge, offices and new ministry spaces capable of accommodating over 500 people for conferences and meetings. At the street level, there will be a coffee house, fitness center and additional retail offerings.
Construction on 290 Lumpkin has already begun, with completion estimated for June 2027. CCI has selected New South Construction as the general contractor for the project.
The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
Learn more
Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
Learn more
Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
Learn moreRe/Max Real Estate Professionals
Central CA Commercial | California
Recckio Real Estate & Development
Northgate Real Estate Group
California
California