Paula J. Ingram of Ackman-Ziff secures 85% LTC on Luxury Student Housing Development near UGA

By: Paula J. Ingram
 
MIAMI - Nov. 14, 2013 - PRLog -- MIAMI, FL - The Ackman-Ziff Real Estate Group is pleased to announce that it has arranged senior debt, as well as preferred equity financing, in the amount of $29 million, or 85% LTC, for the ground-up development of Athens Ridge, a Class “A”, 190-unit luxury student housing townhome community located in Athens, Georgia.

Managing director Paula J. Ingram, with support from Mark Rutherford, was able to secure senior debt financing for the client in the amount of $22.2 million, or 65% LTC.  Combined, the client partners have developed or acquired more than 4,165 apartment and condominium units, 1,840,000 square feet of office space, 800,000 square feet of industrial buildings, and 390,000 square feet of shopping center space.  The remaining financing of $6.83 million was raised through a private preferred equity source.

The project site, which consists of 35 acres, is a short 5-minute ride by shuttle or car from the Athens campus of University of Georgia, the largest university in the State of Georgia, and is in close proximity to four other schools of higher education, as well as Downtown Athens.  Upon completion, Athens Ridge will emphasize Class “A” amenities and technology that will set it apart from the competition.

The development will contain 23 three-story residential buildings with over six (6) 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 30% 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 with a separate “Bull Dog” area, and on-going campus shuttles. Athens Ridge is being offered to students for the Fall 2014 semester.

Paula J. Ingram is a Managing Director at Ackman-Ziff handling debt and equity transactions through the company’s Boston and Miami offices.  Ms. Ingram brings over 21 years of experience in the commercial real estate sector to the firm; her knowledge is particularly broad due to her comprehensive background as a lender, borrower and broker of capital across all property types.

Prior to joining Ackman-Ziff, Ms. Ingram was the Director of Capital Markets at Cohen Financial in Miami, where she was responsible for originating, servicing and closing commercial real estate loans, recapitalizing equity, and mezzanine financing.  She actively secured financing for commercial property owners, buyers and developers throughout the southeast.

Before Cohen Financial, Ms. Ingram founded and was responsible for the Trammell Crow Company’s Florida Mortgage Brokerage division.  The foundation for this endeavor was developed during her interim as Director with Holliday Fenoglio Fowler, L.P. and as a Real Estate Finance Associate with The General Investment & Development Companies.  She began her career as a Senior Lending Officer with the Bank of Ireland.

Ms. Ingram holds a Bachelor of Science from Babson College.  She is active in the local chapter of Commercial Real Estate Women Network (CREW), National Association of Industrial and Office Properties (NAIOP) and International Council of Shopping Centers (ICSC).

Contact
Paula J. Ingram
***@ackmanziff.com
(786) 371-4838
End
Source:Paula J. Ingram
Email:***@ackmanziff.com
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Tags:Paula Ingram, Finance, Real Estate, Sales, Miami
Industry:Financial, Real Estate
Location:Miami - Florida - United States
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