Berkadia Arranges $14.3M Construction Loan for VA Clinic in Sumter, South Carolina
SUMTER, S.C. — Berkadia has arranged a $14.3 million construction loan for the development of a Veterans Affairs clinic located at 245 Bultman Drive in Sumter, just east of Columbia. Michael Weinberg, Rebecca Van Reken and Alec Fox of Berkadia secured the financing on behalf of the developer, Central Florida-based Blue Cord DevGroup LLC.
Berkadia secured a non-recourse, construction-to-perm loan with a 20-year term following construction of the property. The debt facility was sourced through an unnamed global investment manager.
Located at 245 Bultman Drive near U.S. Highway 76 and Broad Street, the Sumter VA clinic will encompass over 26,000 square feet throughout the single-story structure. The development is slated to be completed in June 2022.