Berkadia Secures $20M Acquisition Financing
- Nov 12, 2019
Berkadia has arranged $20.1 million in financing for the nearly $27 million acquisition of Arcadia’s Edge, a 204-unit Class A community in Columbia, S.C. Senior Managing Director Charles Foschini and Managing Director Christopher Apone secured the mortgage on behalf of the buyer, West Shore LLC. The 10-year, fixed-rate loan has a five-year, interest-only term. The seller, Estates, completed the property in 2012, according to Yardi Matrix.
Arcadia’s Edge occupies 15.7 acres at 6837 N. Trenholm Road in the Dentsville neighborhood, just off U.S. Highway 1 and 8 miles from downtown Columbia. The community is located near a cluster of shopping centers and restaurants on Decker Boulevard and Parklane Road. Several self storage facilities and schools are also in the nearby area.
The eight-building asset comprises one-, two- and three-bedroom units, averaging 1,018 square feet. Property amenities include a clubhouse, community garden, swimming pool, fitness center and car care center. In September, the community was 97.5 percent occupied per data from Yardi Matrix.
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