CHARLESTON, S.C. and ATLANTA – October 18, 2019 – Berkadia today announced the $28.1 million sale of Planters Crossing, a 256-unit garden-style multifamily property in North Charleston, South Carolina. Managing Director Mark Boyce and Associate Director Blake Coffey of Berkadia’s Charleston office completed the $110,000 per-unit sale on behalf of the South Carolina-based seller, and the deal closed on October 15.
Senior Managing Director John Bray of Berkadia’s Atlanta office also secured financing through Fannie Mae on behalf of the buyer.
“Planters Crossing was a great transaction. The seller has been a great steward of the property, and buyer will now have the opportunity to add value to a well maintained and centrally located asset with many avenues of upside,” said Boyce. “Our debt team, led by John Bray, executed the financing through Fannie Mae. Demand in the Charleston area continues to remain strong.”
“Despite the exceptional amount of volatility in the capital markets when this transaction was coming together, we were able to arrange competitive financing terms that met the buyer’s capital needs,” added Bray.
Located at 7910 Crossroad Drive, Planters Crossing features a clubhouse, a swimming pool with a sundeck and a barbecue area, laundry facilities and high-speed internet access.