News April 13, 2023
Madison Realty Capital Lends $44M on South Carolina Apartments
Commercial Observer reported that a joint venture between North Carolina developer McKee Homes and Huff Family Offices has secured $44 million of transitional financing from Madison Realty Capital for the lease-up of a South Carolina multifamily asset. Located in Summerville, thirty minutes outside of Charleston, The Palms at Edgewater includes 13 Class A three-story apartment buildings offering one- to three-bedroom units. The apartment community will include 288 private residences with modern finishes, high-end appliances, private balconies, patios and detached garages. Community amenities for the property include a clubhouse with a leasing office, business center, game room, and fitness center as well as lake with fountains surrounded by walking paths, a pool and pool pavilion, car wash, playground, pickleball courts, dog parks with a dog wash and gas firepits. JLL Capital Markets’ Trent Niederberger and Philip Galligan arranged the transaction.