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

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.