Columbia, S.C. (Nov. 8, 2019) – Berkadia announces it has arranged $20.065 million in acquisition financing for Arcadia’s Edge, a 204-unit multifamily community in Columbia, South Carolina. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office secured the loan on behalf of West Shore LLC.
Berkadia originated a 10-year, fixed rate loan with five years interest only at a 75 percent LTV.
“Columbia’s easing development and steady growth created an opportunity for the sponsor to obtain an institutional-level asset with considerable income upside,” said Foschini. “The shortage of surrounding Class A assets also positions the property for further growth with market-leading features and amenities.”
Built in 2012, Arcadia’s Edge is located at 6837 North Trenholm Road. One-, two- and three-bedroom units include brushed nickel features, crown molding, designer wood cabinetry, island kitchens, granite countertops, kitchen pantry and walk-in closets. Community amenities include a car care center, clubhouse, community garden, cyber café, swimming pool and fitness center with bikes.
Situated in the Dentsville neighborhood of northeast Columbia, Arcadia’s Edge is located near important transit routes and employers. US-1 is under five minutes away, providing direct access to Downtown Columbia and the University of South Carolina and Interstate 20 is less than 20 minutes away, offering access throughout north Columbia and Columbia International University.