(To read more on the multifamily market, click here.)

ST. MARYS, GA-Developers continue to discover this coastal community 30 miles south of Brunswick, GA and 20 miles north of Jacksonville, FL. The latest venture is the Palms at North River, a planned 13-building, 47-unit community overlooking the North River.

Chicago-based Wrightwood Capital, formerly Cohen Capital, is providing a $15.47-million, two-year construction loan on the project to the developer, North River Capital LLC. The first phase will consist of 18 units. Later phases will be driven by market demand, according to Wrightwood’s Atlanta office which structured the loan.

Other developers who already have stakes in the St. Marys market are Cleveland-based WWW Holdings Inc. which plans to opened its $1-billion, 110-acre Liberty Harbor mixed-use community in 2008; and Land Resource Cos. of Sandy Springs, GA which is building the 1,014-acre a href=”/news/330_320/atlanta/135925-1.html”> Cumberland Harbour mixed-use community. GlobeSt.com previously reported on both projects.

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