Dealmaker: JLL Secures $34M Construction Financing for Georgia Build-to-Rent Community

(Illustrations courtesy of JLL)

JLL Capital Markets, Chicago, secured a $33.5 million construction loan for Canopy Crest Phase I, a 152-unit build-to-rent development project in LaGrange, Ga.

JLL represented borrower River North Real Estate Partners, Atlanta, in securing the three-year, floating-rate loan.

Canopy Crest, located at Young’s Mill Road at Hammett Road in LaGrange, sits 2.2 miles from downtown LaGrange and offers proximity to Interstates 85 and 185. The 44-acre property is 45 minutes from Hartsfield Jackson International Airport and is located adjacent to the Georgia International Business Park, the fourth-largest business park in the nation.

LaGrange has seen significant job growth along the I-85 corridor, dubbed “The Growth Corridor of the South.” The area is experiencing very strong job growth, driven by developments including the imminent completion of the Georgia Ports Authority Inland Port and recent completion of the Remington Firearms corporate headquarters.

Canopy Crest represents Phase I of the overall development, featuring 188,715 square feet of rentable space across duplexes, detached homes and “barndominium” ranch-style housing averaging 1,242 square feet.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director John Davis, Director Hunter Goldberg and Associate Hamp Gibbs.

“The successful arrangement of construction financing for Canopy Crest reflects the strong fundamentals of the LaGrange market and the growing demand for build-to-rent housing,” Davis noted.

River North Real Estate Partners plans to begin construction soon with completion expected in 2027. The development is located within a Qualified Opportunity Zone, potentially offering investors preferential tax treatment.