COLUMBIA, S.C. — CBRE Group Inc. has arranged $30.1 million in non-recourse construction and permanent financing for The Atlantic at Parkridge, a 298-unit apartment complex that will be built in Columbia’s Irmo submarket. CBRE arranged the financing through HUD’s 221(d)(4) new construction mortgage insurance program, which provides an interest-only construction period of 22 months with a 40-year, fully amortizing permanent loan. Steve Heffner of CBRE’s capital markets group in Charlotte co-originated the loan with Monica Newman of CBRE’s capital markets group in Denver on behalf of the sponsors, New York-based AVR Realty Co. LLC and Charleston-based Middle Street Partners LLC. The project team includes Orlando-based architect Humphreys & Partners and Jacksonville-based general contractor Summit Contracting Group Inc.
The Atlantic at Parkridge is a 298-unit apartment complex that will be built in Columbia, S.C.
CBRE Arranges $30.1M Financing for Columbia Multifamily Development
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