CIG Capital (CIG CAP), an alternative investment firm, announced a new 125 million dollar lending project for The Villages at West Point, an upscale and affordable 624 unit destination-location development in West Point, Georgia.
Despite the economic slowdown, CIG Capital is continuing to provide 100% funding for projects across a variety of industries, including multi-family housing construction.
Located on 70.3 acres of land, The Villages will feature resort-style apartment homes and secure on-site boat, recreational vehicle and camp trailer parking facilities for tenants and guests. Residents and guests alike can enjoy fishing, watersports and other outdoor activities close to home, making West Point Lake and Campground a part of the Villages' community.
"Our team is dedicated and excited for the success of The Villages project. The new Villages at West Point will be the perfect family home located in a beautiful environment near work, or can be a home-away-from-home rental facility to get away from the hustle of city life and enjoy the outdoors with family and friends," says Charles D. Carey, Managing Partner of CIG Capital. "Continuing to fund important construction projects during this financial crisis is critical for the future well-being of our economy, and we are committed to providing liquidity to those industries whose plans include expansion."
Multifamily homes provide a flexible and often more affordable option for those who cannot or prefer not to live in more costly single-family homes that do not have the outdoor recreational amenities provided by living at The Villages. According to FMI Corporation, in 2018 the value of multifamily buildings in the U.S. exceeded $70 billion and is expected to reach nearly $80 billion by 2022.
"We are thankful for the support of the West Point community, especially those at The City of West Point, and specifically Howard and Debbi Longshore and the now deceased Kyle Waites," says the project owners, and members of The Villages' development team, including Mike Morley's American Development Corporation, a Utah company that focuses on very large multifamily Charter Schools and a variety of other projects nationally. "The help and support of the many townspeople, community members and team at CIG Capital made this project possible and we are looking forward to seeing the positive impact that The Villages at West Point will have on this town, Troup County, and beyond."
Drew Ferguson, West Point's former Mayor who was instrumental in bringing Kia Motors Assembly Plant to West Point, and presided over West Point's City Council when The Villages was approved for development, now serves as a U.S. Representative for Georgia's 3rd congressional district, and will attend as an honored guest at the project's ribbon-cutting ceremony scheduled in late August 2020. The Villages provide a unique quality of life for workers, individuals and families and is conveniently locat