Medalist Diversified operating partnership guarantees $13.8 million construction loan for Savannah multifamily project
MDRR•Medalist Diversified’s operating partnership guaranteed a $13.8 million construction loan for a multifamily townhome development in Savannah, Georgia. The loan carries a floating rate of at least 11.5% and matures Oct. 9, 2027, with up to three extensions.
1. Loan terms
The loan closed Oct. 9, 2026, with GLP 2505 as lender. The initial advance was $5.05 million, with $8.75 million held in construction reserves. Borrower prepayment is permitted only in full and is subject to a $940,000 minimum interest requirement during the initial term. The operating partnership also signed a completion guaranty and environmental indemnity; a contribution agreement allocates guaranty losses with Spandrel’s fund.
