Madison Communities Secures $35.5MM Financing for Savannah Multifamily Development

Savannah, Ga. (February 27, 2024) — 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, Georgia.

The $35,500,000 construction loan from United Bank, coupled with preferred equity provided by Forum Investment Group, underscores the firm’s strength and experience by securing institutional debt in a challenging lending landscape.

“Getting financing in this environment is a testament to the dedication and expertise of our team,” said Ryan Hanks, CEO 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. We are thrilled to be out of the ground and on our way to delivering an exceptional community in coastal Georgia.”

Situated along Abercorn Street, a bustling retail corridor teeming 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.

Boasting 240 units, Madison Oglethorpe will feature 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, Madison Capital affiliate, BenCo Construction is the General Contractor. Madison Communities anticipates project completion in late 2025.