ATLANTA & CHARLESTON, S.C. – March 12, 2019 – Berkadia announced today the $30 million sale of The Lofts of Greenville, a 194-unit garden-style multifamily property in Greenville, South Carolina. Managing Director Mark Boyce and Associate Director Blake Coffey of Berkadia’s Carolinas office, along with Director Jeremiah Jarmin of Berkadia’s Atlanta office, completed the sale on behalf of an Atlanta-based buyer and a Georgia-based seller. The transaction represents the third Historical Adaptive Reuse sale by Berkadia in the Southeast with a total sales volume of this special property type amounting to $82.7 million.

Senior Managing Directors John Bray and Richard Levine and Associate Director Josh Finley of Berkadia’s Atlanta team arranged the Freddie Mac financing on behalf of the buyer. The deal closed on March 7.

“Our client developed the project through the Historic Tax Credit program,” said Jarmin. “The execution of this transaction highlights how developers, through a creative approach, can generate tremendous value, while simultaneously improving communities and the overall character of the sub-market.”

“We are excited to add the Lofts of Greenville to our portfolio as our sixth adaptive-reuse of a historic mill,” said Yates Dunaway, Principal of Acquisitions at TriBridge. “Our mill acquisition strategy has been very successful, so we are always on the lookout for more.”

“The Lofts of Greenville represented a great opportunity for our buyer to acquire a one-of-a-kind Class A, mill redevelopment with solid performance in an increasingly growing area of Greenville,” said Boyce. “We continue to see strong demand for well-located multifamily assets throughout the Carolinas.”

Located at 201 Smythe St., The Lofts of Greenville features one-, two- and three-bedroom open floor plans with exposed brick walls, pine beams, stained concrete or hardwood floors, modern appliances and full kitchens. Community amenities include a theater room, a 24-hour fitness center, a game room, a pool, a dog park, walking trails and courtyard areas. Residents are afforded convenient access to the shops and restaurants along Cedar Lane Road, Monaghan Park and the Greenville Health System Swamp Rabbit Trail.