(123rf.com Image)
Middleburg, a leading developer and operator of rental housing throughout core Southern markets, has closed a $39.1 million refinance of Vesta Creeks Run, a workforce and affordable housing community located at 4640 Forest Hills Drive in North Charleston, South Carolina.
Newmark arranged the Freddie Mac financing on behalf of Middleburg. The property is 97 percent occupied.
“Our partnership with Capital Solutions and Affordable Communities of America, a non-profit organization dedicated to preserving affordable housing throughout the country, enabled us to come up with creative strategies to help us continue to provide and maintain high-quality attainable housing stock in markets like Charleston,” said Michael Bediones, vice president of Asset Management at Middleburg.
Vesta Creeks Run is part of Middleburg's Vesta brand, the firm's workforce and affordable housing platform serving residents across the Southeast.
Officials said the property features attainable rents and area median income (AMI)-restricted units, addressing growing workforce housing needs in the Charleston region.
Under the leadership of Founder and CEO Chris Finlay, Middleburg continues to expand its attainable housing platform across three brands: Mosby, its marquee Class A multifamily product; Vesta, its workforce and affordable housing brand; and Hamlet, its purpose-built single-family rental product.
With over two decades of multifamily sponsorship, Middleburg has acquired, developed, and financed more than 32,000 multifamily units, exceeding over $4.5 billion in transactions since 2004.
brbr Modus21, LLC, a business technology consulting firm, announces expansion of operations in Charleston County with a $1.1 million investment, creating 80 jobs. Read More »
Comments
No comments on this item Please log in to comment by clicking here