ATHENS, GA-The Ackman-Ziff Real Estate Group reports it has arranged a total of $29 million in senior debt and preferred equity financing for the ground-up development of Athens Ridge, a Class A, 190-unit luxury student housing townhome community here.

The AZ team, led by Miami-based managing director Paula Ingram, with support from Mark Rutherford, was able to secure senior debt financing for the unnamed borrower in the amount of $22.2 million, or 65% LTC. Ackman-Ziff states that the client partners (borrowers) have developed or acquired more than 4,165 apartment and condominium units, 1,840,000 square feet of office space, 800,000 square feet of industrial buildings, and 390,000 square feet of shopping center space. The remaining financing of $6.83 million was raised through a private preferred equity source, Ackman-Ziff officials state.

The project site of 35 acres, is a five-minute ride from the Athens campus of the University of Georgia. Upon completion, Athens Ridge will contain 23 three-story residential buildings with more than six acres of open amenity space. Units will average 2,200 square feet with oversized bedrooms, walk–in closets, private bathrooms and an open floor plan 30% larger on average than competitors in the market.

All units will include attached two-car garages, a large covered screened-in porch, and direct unit access. Community amenities include a 7,000-square-foot resort-style pool in the shape of a “G” with a lazy river, as well as a fitness center, outdoor game area, a jogging trail, a dog park with a separate “Bull Dog” area, and campus shuttles. Athens Ridge is being marketed to students for the fall 2014 semester, with an opening planned for next August.

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Ackman-Ziff Arranges Financing for Student Housing Project

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