Ackman-Ziff Arranges Debt and Equity for UGA Project

Athens, Ga. — The development will include a 7,000-square-foot pool with a G-shaped lazy river.

paula ingramPaula IngramAthens, Ga. — The Ackman-Ziff Real Estate Group has arranged senior debt, as well as preferred equity financing in the amount of $29 million, or 85 percent loan-to-cost for the ground-up development of Athens Ridge, a 190-unit luxury student housing townhome community in Athens near the University of Georgia. Paula J. Ingram, with support from Mark Rutherford, secured the financing. The project site, which consists of 35 acres, 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 AZ says is 30 percent larger on average than competitors in the market. All units will include attached two-car garages, a large covered screened-in porch, increased privacy, 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, and on-going campus shuttles. Athens Ridge is being offered to students for the Fall 2014 semester.

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