Greenville, S.C. (Aug. 28, 2017) – Berkadia announces that it has successfully arranged a $38 million refinance loan on behalf of The RADCO Companies for Cobalt Springs Apartment Homes, a 548-unit, garden-style community just outside of Greenville, South Carolina. The property is located at 1712 Pinecroft Drive in Taylors, the largest suburb in the Greenville/Spartanburg area.
Berkadia South Florida Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins arranged the 10-year, floating rate loan, with an aggressive interest rate, at 80 percent LTV with a competitive spread over LIBOR, through Freddie Mac’s Green Up program.
“We were able to capture the upside from RADCO’s successful value-add program and refinance their existing mortgage, while returning substantial equity to provide additional capital to fund future improvements,” said Robbins.
“Thanks to superior execution by both Berkadia and Freddie Mac, we have been able to secure an excellent long-term new loan which provides us transactional flexibility,” said Lisa R. Hurd, Vice President, Capital Markets-Debt, The RADCO Companies. “This refinance will allow us to distribute a significant amount of equity while investing additional capital into the community to further enhance the resident experience.”
Built in 1975, Cobalt Springs was renovated in 2005, and offers one-, two-, and three-bedroom units and nine different floor plans throughout several two-story buildings. Several unit amenities include built-in bookshelves and linen closets, with community amenities that feature a business center, coffee bar, Wi-Fi at pool and clubhouse, and laundry facilities.
Situated within the Greenville-Mauldin-Easley MSA, Cobalt Springs is minutes from Furman University and Bob Jones University. The community is also close to downtown Greenville, with the Greenville Zoo and Greenville Downtown Airport located minutes away.