North River, Amzak Capital Lend $52M on South Carolina Apartments Project
By Andrew Coen April 25, 2024 1:03 pm
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One Real Estate Investment (OREI) has nabbed $52 million of construction financing to build a South Carolina multifamily development, Commercial Observer has learned.
North River Partners and Amzak Capital Partners provided the loan on the Miami-based sponsor’s planned The ONE at Columbia project in Columbia, S.C. The 360-unit garden-style apartment community in South Carolina’s capital city is slated for completion in late 2025.
Berkadia arranged the transaction with a team led by Brad Williamson, Scott Wadler, Mitch Sinberg and Matt Robbins.
“The ONE at Columbia is located near the state’s fast-growing capital, which boasts several large corporate headquarters and is seeing major new developments,” Williamson said in a statement. “Strong projected population growth over the next four years is likely to drive demand for high-quality rental communities in and around Columbia.”
Located at 4415 Percival Road, 15 miles north of downtown Columbia, the property will feature one-, two- and three-bedroom units. Community amenities will include a sauna, swimming pool and electric car charging stations.
The apartment complex will be situated close to where Volkswagen is building a new $2 billion electric vehicle plant. It is also around 15 miles from the University of South Carolina campus.
Jeff Rosenfeld, managing partner at North River Partners, said in a statement that the project “is representative of everything that gets us excited about the lending space” noting the Columbia market’s population growth and “ an overwhelmingly pro-business development landscape.”
Jeronimo Hirschfeld, president and CEO of OREI, said in a statement that that the project is part of the firm’s overall strategy to develop multifamily properties in the Southeast region in “high growth markets with strong fundamentals.”
Officials at Boca Raton, Fla-based Amzak Capital did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
