8,212 Acres Set for Residential Redevelopment

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SAVANNAH, GA-Vallambrosa Development Co. has acquired a $28-million senior bridge loan for the acquisition and predevelopment of 8,212 acres where it plans to develop a golf community and resort with 2,300 residential units. The property borders the Ogeechee River and is located 16.5 miles from Downtown.

Known as Vallambrosa Plantation, the development will include a five-star resort hotel, an 18-hole golf course, a clubhouse, marina and equestrian facilities. The residential units will be a mix of single-family homes, multifamily units, cottages and cabins. Vallambrosa is led by Georgia-based Jewett Tucker Jr., whose development team includes Robert Lee and Jamie Forbes III.

The loan, provided by Los Angeles-based Canyon Capital Realty Advisors, will provide the developer with financing to finalize site plans, obtain development permits, initiate infrastructure improvements, and market and sell home sites to national and regional homebuilders. New York-based Brickman Associates partnered with Canyon in the financing.

The area surrounding the property, like other coastal areas in Georgia and South Carolina, is experiencing strong residential growth. “The popularity of nearby Hilton Head and its national reputation have drawn considerable attention to the Savannah market and stimulated development of a number of new golf communities,” says Canyon Capital Realty Advisors principal Jonathan Roth. “Significant consumer demand and aging demographic and population shifts to the coasts are fueling continued development.”