Evolve Snags $41M Refi on SC Rental Community
Evolve Companies secured a $41 million refinancing for its 280-unit apartment community at 510 Cedar Tree Rd. in Wellford, South Carolina, near Spartanburg.
Northmarq’s West Palm Beach Debt + Equity team led by Chris Hammel arranged the bridge financing on behalf of the borrower through its relationship with BlackRock.
Built in 2024, Evolve New Hope Farm features one-, two- and three-bedroom floorplans with private patios/ balconies.
Community amenities feature a lclubhouse, pool with sun deck, pickle ball court, community garden, outdoor kitchens, walking trails and lake, EV charging stations, full gym with yoga and cycling rooms, and dog park with pet wash station.
Located at the intersection of Interstate 85 and U.S. Hwy 29, residents enjoy close-proximity to area restaurants, shopping, K-12 schools, and universities.
Other News
RK Investors Lands $81M Construction Loan for 299-Unit Charlotte Rental Community
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
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Pasadena Offices Sell for Residential Conversion
NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
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Berkadia Negotiates Student Housing Property Sale in Kansas
Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout