Savannah, GA

CBRE Facilitates $27 Million in Acquisition Financing for Canvas at Savannah Apartments in Savannah, Georgia

November 27, 2023

Exterior of Canvas at Savannah.

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CBRE has facilitated a $27.7 million loan for the acquisition of Canvas at Savannah, a 300-unit garden-style apartment complex in Savannah, Georgia. The property was purchased by Miami-based One Real Estate Investment.

Blake Cohen with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the borrower, One Real Estate Investment, in the deal. The loan was secured through Freddie Mac.

“It was a pleasure working with the OREI team as they continue to scale their presence in the Southeast,” said Mr. Cohen, Senior Vice President with CBRE. “The property qualified as 100% mission-driven based on the naturally occurring affordability in its rents. This allowed us to receive very favorable sizing and pricing treatment from Freddie Mac as they work to satisfy their affordable housing goals.”

Located at 5110 Garrard Ave., Canvas at Savannah is a 300-unit garden-style apartment complex featuring one-, two-, and three-bedroom units, with an average unit size of 1,004 square feet. Built in 2003, the property was recently renovated, and includes amenities like a state-of-the-art fitness center, resident coffee bar, package lockers and a resort-style pool. Units include 9-foot ceilings, open floorplans and full-size washer/dryer connections.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.