MYRTLE BEACH, S.C. — Greystone has provided a $26 million Freddie Mac loan to Eskay Management for the refinancing of Reserve at Ridgewood, a 180-unit asset in Myrtle Beach. The non-recourse, fixed-rate loan features a five-year term and 30-year amortization, with interest-only payments for the first two years of the term. Avi Kozlowski of Greystone originated the financing on behalf of the borrower. Reserve at Ridgewood was originally constructed in 1998. The garden-style community consists of 15 residential buildings. Units come in two- and three-bedroom layouts. Tenants have access to …
NEW YORK CITY — Newmark has arranged a $533 million loan for the refinancing of a portfolio spread across six states in the Sun Belt. Boston-based investment firm West Shore was the borrower. Citigroup provided the fixed-rate CMBS financing, which features a single-asset, single-borrower loan structure. Purvesh Gosalia, vice chairman of Newmark, secured the financing on behalf of West Shore. The portfolio totals 2,806 units across nine garden-style properties. The assets include: Newmark is headquartered in New York City. The company also recently announced an assignment to market 10 multifamily …
JLL Capital Markets Arranges $53.4 Million Bridge Financing for 877-Unit Portfolio in South Carolina
SPARTANBURG AND MAULDIN, S.C. — JLL Capital Markets has negotiated $53.4 million in bridge financing for a portfolio consisting of 877 units across five properties in Spartanburg and two communities in Mauldin. All seven properties were constructed between 1971 and 1986. The portfolio was 70 percent occupied at the time of sale. Of the total unit count, 139 have been recently renovated. Additionally, the sponsor plans to remodel an additional 300 apartments. Planned restorations include updates to in-unit features such as new cabinet faces, stainless steel appliances, quartz countertops, light fixtures and non-carpet …
NORTH CHARLESTON, S.C. — American Landmark Apartments has purchased Ingleside Apartments, a 304-unit community located at 9345 Blue House Rd. in North Charleston. The community was built in 2008. Amenities include a fitness center, pool, barbecue and picnic area, multipurpose clubhouse and dog park. The new owner plans to rebrand the property as Sage at Ingleside. The seller and sales price were not disclosed.
The method to buy below replacement cost is a tried-and-true investment strategy among real estate investors that allows them to capitalize on short-term fluctuations in the market in order to lock in long-term value. Grant Russell, director of investments at AvalonBay Communities Inc., said that multifamily investors today are in a “golden window” because they can acquire a Class A property for less than what it costs to develop the same community from the ground-up, all things being held equal. “Deals are trading for higher than yesterday’s costs and below …
AIKEN, S.C. — IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), has arranged $37.3 million in construction financing for The Parker Aiken Apartments, a 336-unit development in Aiken, 20 miles northeast of Augusta, Georgia. The borrower was New York City-based developer JEM Holdings. Max Herzog, Marko Kazanjian and Andrew Cohen of IPA Capital Markets secured the seven-year, fixed-rate loan through Protective Life Insurance Co. The Parker Aiken Apartments will comprise 14 buildings on a 30-acre site. Planned amenities include a clubhouse with fitness center, co-working spaces, an outdoor grilling …
NORTH MYRTLE BEACH, S.C. — The Klotz Group of Cos. and Longleaf Real Estate plan to break ground on The Preserve, a $250 million mixed-use development in North Myrtle Beach, this summer. The plans for the 110-acre project call for 370 apartment units, 207 build-to-rent homes, 227 paired villa lots and 10,000 square feet of commercial space. An expected completion date for the development has not been disclosed. The Preserve will eventually be a part of a planned development district situated between the Intercoastal Waterway and the Carolina Bays Parkway. …
CENTRAL, S.C. — Gateway Development Corp. has opened Kenyon at Cross Creek, a $40 million affordable housing development in Central. Gateway partnered with Synovus Bank (construction lender and federal tax credit equity investor), Monarch Private Capital (state credit investor) and Bellwether Enterprises (permanent lender), to complete the project. The Kenyon at Cross Creek was one of the first non-metro communities developed with the South Carolina state housing credit, according to Gateway. The project consists of 168 units across seven three-story residential buildings. Units come in one-, two- and three-bedroom layouts …
COLUMBIA, S.C. — Walker & Dunlop has arranged $62 million in debt and equity financing for the construction of Burnside Farms Apartments in Columbia. Jamie Butler, Cliff Ayers, Michael Bowles and Jason McFadden of Walker & Dunlop arranged the non-recourse financing on behalf of the borrowers, South Coast Property Investments and Abacus Capital. Burnside Farms Apartments will comprise 308 apartments. A portion of the community will be set aside as affordable housing, but the number of units and income restrictions for the affordable units were not disclosed. The property will …
ASHEVILLE, N.C., CHARLESTON, S.C. AND SAVANNAH, GA. — JLL has secured a $149 million loan to refinance a three-property portfolio the Southeastern U.S. Aldon Cole, Tim Wright and Bharat Madan of JLL’s San Diego office arranged the three-year, fixed-rate loan through a life insurance company on behalf of the borrower, Sunroad Enterprises. The portfolio includes: Verde Vista, a 313-unit community in Asheville; Avenues at Verdier Point, a 288-unit property in Charleston; and Adara at Godley Station, a 256-unit complex in Savannah. Sunroad Enterprises acquired the portfolio in 2021. The company …
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