BlackRock Provides $41M Refi for South Carolina Multifamily Complex
Evolve New Hope Farm is a 280-unit apartment community that opened in 2024
By Brian Pascus March 12, 2026 1:30 pm
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Evolve Companies has secured $41 million to refinance Evolve New Hope Farm, a 280-unit apartment community in Wellford, S.C., Commercial Observer can first report.
BlackRock provided the nonrecourse debt, while Northmarq’s West Palm Beach debt and equity financing team, led by Chris Hammel, arranged the transaction.
Hammel said in a statement that the financing “met and exceeded the sponsor’s objectives.”
“The nonrecourse financing provides significant interest savings and return of capital to investors,” he added.
Located west of Spartanburg, S.C., at 510 Cedar Tree Road in Wellford — a city that is part of the greater Spartanburg metropolitan area of roughly 400,000 people — Evolve New Hope Farm opened in 2024 and features nearly 300 one-, two- and three-bedroom garden-style apartment units.
On-site amenities include a resort-style pool and clubhouse, a pickleball court, on-site parking, electric vehicle charging stations, a fitness center with a yoga room, a dog park and pet wash, and walking trails to nearby Tyger Lake.
Brian Pascus can be reached at bpascus@commercialobserver.com.
