Mirate Equity announced the provision of a $31.5 million loan to Vaughn Construction Company, a well-established Alabama-based construction firm. The loan will fund the development of a new multi-family apartment complex in Anderson, Alabama, addressing the increasing demand for high-quality housing in the region.

The project, spearheaded by Vaughn Construction Company, will consist of 150 modern apartment units, designed to attract both young professionals and families. The complex will feature a range of amenities, including a state-of-the-art fitness center, a resort-style swimming pool, a community clubhouse, and landscaped outdoor recreational areas. The development will also incorporate sustainable building practices, utilizing energy-efficient systems and eco-friendly materials, reflecting Mirate Equity LLC's commitment to environmental stewardship.

“We are thrilled to partner with Vaughn Construction Company on this significant project,” said Arthur Chang, Account Executive at Mirate Equity LLC. “Our investment in this development highlights our confidence in the Alabama real estate market and our dedication to supporting projects that contribute to the growth and revitalization of local communities.”

The $31.5 million loan is structured with a 5-year term, providing competitive interest rates and flexible repayment options tailored to meet Vaughn Construction Company's financial needs throughout the construction process. Mirate Equity LLC's expertise in real estate financing played a crucial role in crafting a financial solution that aligns with the project's timeline and objectives.

Construction is set to begin in January 2025, with the project expected to generate approximately 200 jobs, providing a substantial boost to the local economy. Upon completion, the complex will offer housing for over 400 residents, combining luxury, convenience, and affordability.

The development is scheduled for completion by November 2026, with apartments anticipated to be available for occupancy by February 2027. This project is set to become a key asset in the Anderson area, contributing to the ongoing urban development and meeting the growing demand for quality housing.