Skip to content

Madison Communities Closes on $35.5 Million Financing for Savannah Development

Madison Communities Closes on $35.5 Million Financing for Savannah Development. Alternative investments, commercial real estate, Madison Capital Group, Madison Communities, Savannah, Georgia, multifamily

Madison Communities, the multifamily development affiliate of Madison Capital Group, has closed on the financing for Madison Oglethorpe, an upscale garden-style multifamily development located directly adjacent to Oglethorpe Mall in Savannah, Ga.

Through MCG Savannah Investors LLC – an adviser-distributed retail investment fund – Madison has secured a $35.5 million construction loan from United Bank, coupled with preferred equity provided by Forum Investment Group.

“Getting financing in this environment is a testament to the dedication and expertise of our team,” said Ryan Hanks, chief executive officer of Madison Communities’ parent company, Madison Capital Group.

“We have a great location in a strong market, where the demand for coastal living combined with robust employment growth has created a high demand for contemporary luxury residences,” Hanks added.

This Savannah development marks the third development announced by Madison Capital in recent weeks.

Situated along Abercorn Street, a retail corridor with diverse dining options, Madison Oglethorpe will offer convenient access to downtown Savannah, just a 12-minute drive away. Its strategic location adjacent to the Oglethorpe Mall, a super-regional shopping mall on the southside of Savannah, provides direct access to entertainment and more than 100 shops.

Madison Oglethorpe will feature 240 units, a clubhouse and lounge with co-working space, a state-of-the-art fitness center, and an outdoor lounge. The project will also have a resort-style pool and pool deck with grilling stations and a fire pit.

SGA|NW is the architect, and Madison Capital affiliate BenCo Construction is the general contractor. Madison Communities anticipates project completion in late 2025.

Madison Capital Group, based in Charlotte, N.C., and Charleston, S.C., invests in real estate and private equity with a primary focus in the self-storage and multifamily sectors. Madison Capital is the parent company of both: Go Store It Partners – a non-traded direct investment sponsor that focuses on the self-storage; and Madison Communities – a vertically integrated real estate development and investment firm focused on building high-quality, suburban, garden-style apartment communities throughout the Southeast.

For more Madison Capital Group news, visit their directory page.