JV Secures $49M for 5 South Carolina Properties
- Dec 19, 2018
A joint venture of Friedlam Partners and EBEX Holdings has secured $48.8 million in financing for 5 multifamily properties with more than 775 units in South Carolina. Arbor Realty Trust arranged financing for the deals.
The five properties included Willow Glen, a 96-unit community located in Rock Hill, S.C., which received a $5 million acquisition loan under the Freddie Mac Small Balance Loan program, and The Gramercy—recently rebranded as Villas at 1825—and Fields Riverview, adjoining properties with a combined 292 units located in Rock Hill, S.C., which received $19.3 million in bridge financing.
Carolina Crossing, a 267-unit property located in Rock Hill, S.C., received $17.5 million in acquisition funding through the Fannie Mae Green Financing program and Summer Creek, a 120-unit property located in Goose Creek, S.C., received a $7 million acquisition loan under the Fannie Mae Green Financing program.
Friedlam Partners and EBEX Holdings teamed up earlier this year to purchase Ashton Heights, a 294-unit affordable housing community in Roanoke, Va.
Image courtesy of Yardi Matrix