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.
The Reserve at Ashley River

The Reserve at Ashley River

AtlantaCushman & 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.”

Stanton Place Apartments

Stanton Place Apartments

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