Middleburg Secures $39.1M Refinance Loan From Freddie Mac For Vesta Creeks Run In North Charleston

The asset involved in this transaction is a multifamily property located at 4640 Forest Hills Drive, North Charleston, SC. The property, known as Vesta Creeks Run, comprises modern apartments and currently maintains a 97% occupancy rate. The refinance was arranged for $39.1 million and is intended to enhance the financial standing of the landlord, Middleburg.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $39,100,000
• Lender: Freddie Mac
• Landlord: Middleburg
• Brokers: Adam Randall, John Westby-Gibson & Ned Engelbride - Newmark
• Loan Type: Refinance

Newmark played a pivotal role in facilitating the refinance for Middleburg, allowing the landlord to improve its financial position without introducing previously covered details. The transaction exemplifies professional collaboration among brokers, highlighting their expertise in managing complex financial arrangements in the real estate sector.