Brick Lane Secures Financing for South Carolina Acquisition
- Jun 01, 2020
Brick Lane has secured a $21.5 million Freddie Mac loan to acquire and upgrade Greenwood at Ashley River, a 280-unit multifamily community in North Charleston, S.C. Hunt Real Estate Capital arranged the conventional loan, which carries a 10-year term with five years of interest along with a 30-year amortization.
The garden-style community is located at 6520 Dorchester Road and consists of 35 residential buildings, two maintenance sheds and a clubhouse. Developed in 1974, on a 19.4-acre site, the property is within 10 miles of the Charleston Central Business District and the ports along Ashley and Cooper River.
Greenwood at Ashley River offers residents a mix of two- and three-bedroom units select featuring a private balcony. Amenities include a swimming pool, playground, dog park, business center and full sized soccer field. The community also offers 528 parking spaces along with laundry facilities for each residential building.
According to Hunt Real Estate Capital’s Director Keith Morris, Brick Lane plans to invest $1.4 million in upgrades that include improving the unit interiors, backyard fencing, soccer field, office, security, HVAC systems, flooring, decking and roof repair.
The previous owner, The RADCO Cos., has invested more than $4 million in the renovations of the community since 2016, according to John Beam, managing director at Hunt Real Estate Capital.
Earlier this month, Hunt Real Estate Capital provided a $20.8 million loan for the refinancing of Rio Vista Apartments, a 161-unit affordable community in San Diego.