NORTH CHARLESTON, S.C. — Eller Capital Partners has obtained a $58 million loan to refinance two properties, about half a mile apart from each other, in North Charleston. Walker & Dunlop’s Walker Layne, Matt Wallach, Stephen West, Austin Sneed and Tyler Roberts arranged the floating-rate interest-only bridge senior debt loan with capital provided by Bridge Investment Group. Ellevate St. Ives is comprised of 248 units. Ellevate North Charleston offers 192 units. Both properties participate in South Carolina’s affordable housing tax abatement program, with 75 percent of units restricted at 80 percent of area median income (AMI) and 20 percent capped at 50 percent of AMI. In exchange for the affordable rates, the property owner does not have to pay non-ad valorem property taxes.
Ellevate North Charleston, located at 2225 Greenridge Road in North Charleston, S.C., is one of two properties Eller Capital Partners has refinanced with a loan funded by Bridge Investment Group. Walker & Dunlop arranged the transaction. (Image courtesy of Eller Capital)
Eller Capital Secures $58M Refinancing for Two North Charleston Properties
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