Standard Communities Secures $47M for Multifamily Project

SAVANNAH, GA – National multifamily housing investor and developer Standard Communities has secured $47 million in financing for the development of a 219-unit, class A multifamily project in Savannah, GA.

The loan was arranged by a Walker & Dunlop team led by Chris Rumul and Taylor Williams, on behalf of Standard Communities. The financing, sourced from a regional life insurance company, includes both construction and permanent financing in a single loan. The loan features a 12-year construction term with four years of interest-only payments.

The project, titled The Line, is situated within an Opportunity Zone near the Savannah River.

The two-building development will feature a terrace-level with a pool, sundeck, fitness center and grill area. The community will also offer onsite parking, resident storage and a clubroom with views of Downtown Savannah and the Savannah River.

For the project, Standard Communities will work to maintain the integrity of the property’s original structure, while creating a modern apartment community through new construction and upscale amenities.

“We are incredibly proud to play a part in the development of such a unique project and are excited to bring this distinctive, elevated living experience to Savannah,” states Jeffrey Jaeger, co-founder and principal of Standard Communities. “Thanks to the diligent work by our funding partners, The Line will fulfill a much-needed demand for multifamily rentals in this rapidly growing area.”