Square Mile Capital Management LLC today announced that it had originated a $108.5 million acquisition loan secured by Riverworks, a6-story, Class A,306-unittrophy multifamily building located in Savannah, GA. The asset, which also features 30,000 square feet of street-level retail,was purchased for $153 million by JEM Holdings, a New York-based real estate owner and operator led by Mikael Levey and Jessica Saks.
Originallydelivered in May 2021, Riverworks is part of Savannah’s Eastern Wharf master plan, a $600 million mixed-use development along the Savannah River. The master plan also includes Class A office space, a 193-key Thompson hotel, 186 single-family luxury homes and abundant green space overlooking the water.
Square Mile CapitalVice President Harris Neubergsaid, “The Savannah market has seen immense growth over the past few years. Riverworks is among the highest quality properties in the city, with best in class apartment finishes and amenities overlooking the river. The Eastern Wharf neighborhood is fast growing and should be one of the most exciting parts of Savannah in the coming years. This marks our second transaction with JEM, and we are excited to be working with Mikael Levey and the team again. JEM has amassed an impressive portfolio of highquality multifamily assets throughout the Southeast and we expect the firm to further enhance performance at Riverworks going forward.”
The property is located on the eastern side of Savannah,with walkability and easy access to the area’s best restaurants, bars, and stores. Property amenities include an outdoor pool overlooking the waterfront, a fitness center, and resident lounges. The building’s unitsoffer ceramic tile backsplash, walk-in closets, in-unit washers and dryers, and Whirlpool stainless steel appliances. Select units also feature balconies and views of the Savannah River.
About Square Mile Capital Management LLC
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm has an established history of successful investing in commercial real estate at all points in the market cycle. Square Mile Capital’s experience supplying flexible equity and debt capital solutions in diverse property sectors and across the risk spectrum, combined with its integrated national sourcing and investment platform, facilitates the creation of value for its investors, partners, borrowers and counterparties. Square Mile Capital’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States utilizing its broad investment platform, product expertise and research resources. The firm seeks to identify the impact of long-term trends on real estate values and target its equity investments on key investment strategies likely to benefit from such trends. For more information, visit www.squaremilecapital.com.
About JEM Holdings LLC
JEM Holdings is a New York-based vertically integrated real estate investment and development firm founded in 2013. Since inception, the company has acquired 10,000 multifamily units in the Southeastern US and multiple office properties and has completed or is currently developing over 2,000 multifamily units. JEM’s management team has over 25 years of combined real estate experience and demonstrated expertise in identifying attractive investments, executing efficient transactions, and carrying out its value-enhancing strategies.In 2021, JEM launched a new property management company, Fortis Property Management.
