C&W Secures Acquisition Financing for RADCO
The $32 million loan will be used by RADCO to acquire and upgrade two apartment communities in metro Atlanta and North Charleston, S.C.
Atlanta—Cushman & Wakefield recently secured more than $32 million in financing for Stanton Place Apartments, a 240-unit community near Atlanta, and The Reserve at Ashley River, a 280-unit community in North Charleston, S.C.
Cushman & Wakefield’s Atlanta Equity, Debt & Structured Finance Group, led by Mike Ryan, Telly Fathaly and Brian Linnihan, worked on behalf of The RADCO Cos. in securing the short-term, floating-rate loan for the properties’ acquisition and capital improvement plans. A regional bank provided financing for Stanton Place, while a national bank provided financing for The Reserve at Ashley River
“RADCO’s tremendous reputation and track record played a significant role in our ability to assist them in securing such attractive and flexible financing for these assets,” said Ryan, senior managing director in Cushman & Wakefield’s Equity, Debt & Structured Finance Group, in a statement. “In both cases, we were able to tout RADCO’s hands-on management style in order to provide lenders comfort with RADCO’s plan to increase income through implementation of their proven value-add process.”
Built in 2001, Stanton Place Apartments is a garden-style community with one- and two-bedroom residences averaging 912 square feet, according to the Stanton Place website. Amenities include white appliances, vaulted ceilings, fireplaces, clubhouse, business and fitness center, tennis court and a playground, among others. The community is located near Interstate 75 and Kennesaw State University in Acworth, Ga.
The Reserve at Ashley River, rebranded Greenwood at Ashley River, is a garden-style community built in 1974, which features two- and three-bedroom apartments averaging 1294 square feet, according to the Greenwood at Ashley River website. Amenities include a swimming pool, sundeck, playground, picnic area and laundry facilities. The property is located at 6520 Dorchester Road in North Charleston, S.C.
RADCO plans to invest $6.3 million in capital improvements at the two communities.
Images courtesy of Stanton Place and Greenwood at Ashley River