KUALA LUMPUR, June 9 (Bernama) -- EB5 Capital has announced the closing of its US$40 million preferred equity investment in Daniel Corporation’s Hutchinson Island (JF38) apartment project, located in Savannah, Georgia. (US$1=RM4.60)
The project is near the Convention Center and The Westin Harbor Golf Resort and will consist of six residential buildings that are four stories in height with 462 parking spaces.
According to a statement, Hutchinson Island (JF38) is scheduled to break ground imminently, and the first units are expected to be delivered in early 2025.
“Savannah has seen significant job growth and capital investment in recent years, following the increased economic activity at the Port of Savannah.
“Additionally, Savannah has demonstrated strong multifamily market fundamentals, posting positive net absorption in 17 of the past 20 quarters along with significant annual rent growth,” said EB5 Capital Senior Vice President of Investments, Jonathan Mullen.
Meanwhile, Daniel Corporation’s Chief Operating Officer, Carter Bryars said: “The preferred equity investment from EB5 Capital enabled us to significantly reduce the amount of common equity required and create a capital stack accretive to Daniel Corporation and our partners.”
This is EB5 Capital’s first partnership with Daniel Corporation, a reputable developer founded in 1964 and based in Birmingham, Alabama.
Providing preferred equity investments for ground-up development across the United States, EB5 Capital has successfully raised approximately one billion dollars since inception and continues to seek investments in multifamily assets with sponsors that have a proven track record of success.
-- BERNAMA
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