Medalist Diversified Secures $13.8 Million Loan for Savannah Townhome Project

Medalist Diversified, Inc. (MDRR) obtained a $13.8 million secured construction loan facility from lender GLP 2505 to advance its residential townhome development in Savannah, Georgia. The financing includes an initial drawdown of $5.05 million along with $8.75 million held in reserves. The debt carries an interest rate equal to the greater of 11.5% or Wall Street Journal Prime plus 4.75%, and is scheduled to mature on October 9, 2027, with potential extension options. Shares of Medalist Diversified rose 4.22% to $10.51 following the disclosure.

To complete the financing package, the real estate company signed several supporting agreements, including a non-recourse carveout guaranty, a completion guaranty, and an environmental indemnity. Medalist Diversified also established a loss-sharing and reimbursement contract with co-guarantor affiliates, including Spandrel Sponsors Fund II and MIRA SAV Venture. This financing builds upon a joint venture established in September 2026 with Spandrel Development Partners, which previously committed $4.0 million in preferred equity toward capitalizing the project.

Investors will monitor the execution of the Savannah townhome construction to see whether the development stays on budget and on schedule toward its planned completion. Key developments to track include future construction drawdowns from the $8.75 million reserve pool, project completion milestones, and any eventual decision to exercise the loan's extension options ahead of the October 2027 maturity date.