Electra Capital Provides $16.9 Million Bridge Loan for Acquisition of Charleston Apartments
Carolina MF Investments acquired the 145-unit Willow Ridge community for $22.4 million
Charleston, S.C. (September 24, 2021) – Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $16.9 million bridge loan for the acquisition of Avalon at North Charleston III (formerly Willow Ridge), a 145-unit townhome community in Charleston, South Carolina. Carolina Multifamily Investments, a privately held real estate investment firm based in Chalfont, Pa. acquired the garden-style apartment communities for $22.4 million.
“Charleston is enjoying strong job growth, and likewise apartment demand, on account of the diversification of its employment sector and in-migration from other states,” said Samuel J. Greenblatt, CEO of Electra Capital.
Mike Butler of Carolina MF Investments added, “We are thrilled to have been able to find this deal and transact off market. As we always say, good deals are made not found and this provides a great opportunity for us to take ‘blight and make light’ and create value for our colleagues, partners and most importantly our residents.”
Located at 7604-7749 Warsaw Road, Avalon at North Charleston is a newly renovated townhome community offering one and two-bedroom apartment homesranging from 688 square feet to 1,196 square feet. Renovations include updated kitchens with white shaker cabinetry, granite countertops, black appliances, and plank flooring throughout the main level. Bathrooms have been updated with white shaker vanities, lighting, and rain showers. Avalon is conveniently located between Boeing, Bosch, and the Charleston Air Force Base.