BIRMINGHAM, Ala.— Coastal States Bank (“CSB”) announced that it recently closed a $20,000,000 construction loan for a joint venture (“JV”) between the Fellowship Family and BLDG Real Estate, to fund the ground-up construction of a 91-unit 55+ Active Adult community in Milledgeville, GA. The loan, which was closed in coordination with an $11,000,000 preferred equity investment from Locust Point Capital, was structured with a five-year term and monthly interest-only payments for the initial 36 months. The community will be the second of the JV’s four planned investments, and will be situated adjacent to its sister community, Fellowship Meriwether, an 83-unit Assisted Living and Memory Care community which was built by the JV in 2017. BLDG Real Estate will oversee all development activities, and The Fellowship Family will manage the community upon completion.
About the Company
Coastal States Bank builds relationships by providing a full range of banking services designed for businesses, their owners, and individuals looking for a local banking partner. CSB’s Senior Housing Lending vertical provides competitive and creative financial solutions nationally to senior housing owners and operators for acquisitions, construction, renovations, recapitalizations and expansions. At present, CSB has approximately $2.3 billion in total assets. CSB is a wholly-owned subsidiary of CoastalSouth Bancshares, Inc. (NYSE: COSO).
For additional information regarding Coastal States Bank, please visit www.coastalstatesbank.com.
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