Citadel Real Estate Group has received a $24.5 million acquisition loan to purchase Lullwater at Saluda Pointe, a 280-unit property in Lexington, S.C. Hunt Real Estate Capital originated the 12-year Freddie Mac loan. Fickling & Co. sold the community for $31.7 million in a 1031 exchange. Stonemark Management is the new manager of the property.
Located on 23 acres at 101 Saluda Pointe Drive, the property comprises 11 buildings completed in 2007. The new owner plans to invest $1.6 million in renovating the community. Improvements will include new windows, a dog park and remodeling the clubhouse, as well as multiple interior upgrades. The property is proximate to Sunset Boulevard and Interstate 20 and some 7 miles west of downtown Columbia.
Old Capital Lending Director John Brickson facilitated the funds on behalf of the buyer, according to Collin Cross, director at Hunt Real Estate Capital. Earlier this month, Hunt also provided a $27.4 million loan for StoneRiver Co.’s acquisition of Rise at Signal Mountain, a 280-unit community in Chattanooga, Tenn.
*The article was updated on 4/29/2020 for a correction: Stonemark Management is the new property manager and does not own a stake in the asset.