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Independence gets $28M loan for apartments

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POSTED: May 5, 2007 5:02 a.m.

Developer Clay Sikes said that with the $28 million loan for construction of Independence Place Apartments, “We are finally beginning to see the materialization of our vision in physical form.”

“We are extremely fortunate to have a nice, high-end apartment developer to work on this,” he said.
Independence Place will be the first high-end, by-the-bed rental apartment community in Hinesville and the first multi-family project to specifically target the off-base military consumer.
“With Independence Place,” Sikes said, “we hope to stop the loss of many lieutenants and captains who choose to live in Richmond Hill or Savannah.” The complex will feature many desirable amenities, Sikes said, “And, in the words of (Hinesville Mayor) Tom Ratcliffe, “It’s close to the flag pole.’”

The property will be located one-half mile south of Fort Stewart and will be comprised of 108 four-bedroom units, 108 two-bedroom units, and 48 one-bedroom units (264 total units) inclusive of 696 beds with 770 parking spaces.
The loan has a three-year term and one 12 month extension option with 3 years interest-only followed by a 25-year amortization schedule if the extension option is exercised. Sara Trybus of Prudential’s Chicago office originated the loan.

 

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