Bancorp Bank Provides $7.8M Acquisition Loan for Two Apartment Communities in Southeast Georgia
KINGSLAND AND ST. MARY’S, GA. — The Bancorp Bank has provided a $7.8 million loan for the acquisition of two apartment communities in Southeast Georgia: Willow Way Apartments in Kingsland and Hickory Plantation in St. Mary’s. Both communities are located near the Georgia-Florida state line, roughly 35 miles north of Jacksonville. Judah Aderet of Eastern Union arranged the three-year, floating-rate loan with Bancorp’s Jonathan Kohan on behalf of the buyer, Wicamia Creek Investments. Greg Braciak of Bancorp underwrote the transaction. Bancorp Bank funded up to 80 percent of the acquisition costs plus 100 percent of the renovation costs. Willow Way Apartments features 60 units with a mix of one- and two-bedroom floor plans, and Hickory Plantation features 100 units with a mix of one- to three-bedroom floor plans.