Madison Realty Capital Lends $44M on South Carolina Apartments
By Andrew Coen April 13, 2023 12:25 pm
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A joint venture between North Carolina developer McKee Homes and Huff Family Offices has secured $44 million of transitional financing for the lease-up of a South Carolina multifamily asset, Commercial Observer can first report.
Madison Realty Capital supplied the loan on the sponsorship’s 288-unit The Palms at Edgewater property in Summerville, S.C.
JLL (JLL) Capital Markets’ Trent Niederberger and Philip Galligan arranged the transaction.
“The development is only a short commute to Charleston, and home to a strong education system coupled with blue-chip employers including Volvo, Walmart, Sam’s Club, Amazon and most recently, Redwood Materials,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement. “With demand for new housing options in Summerville continuing to rise, we are pleased to deliver a flexible financing solution to experienced developers with a history of building high-quality multifamily properties across the Carolinas.”
Located at 1005 Sonaran Circle around a half hour outside of Charleston, The Palms at Edgewater features 13 three-story apartment buildings offering one- to three-bedroom units. Community amenities include a clubhouse with a leasing office, business center, game room, fitness center, walking paths, swimming pool, car wash, playground, pickleball courts, dog parks and gas firepits.
“We are excited to work with Madison Realty Capital in order to complete construction and take the next step towards stabilizing this exciting new project in a rapidly expanding Charleston suburb,” Pat McKee, co-owner of McKee Homes, said in a statement.
Andrew Coen can be reached at acoen@commercialobserver.com
