Middleburg Inks Refi for N. Charleston Rental Property

Newmark arranged a $39.1 million loan on behalf of Middleburg, a developer and operator of rental housing across the Southern U.S., to refinance Vesta Creeks Run, a workforce and affordable housing community located at 460 Forest Hills Drive in North Charleston, South Carolina. Newmark Multifamily Capital Markets Adam Randall, John Westby-Gibson and Ned Engelbride represented the sponsor and secured the financing through Freddie Mac.  Middleburg performed a number of improvements on Vesta Creeks Run in 2021.

Currently 97% occupied, Vesta Creeks Run features a mix of one- and two-bedroom apartments and townhomes with amenities include a swimming pool, a fitness center, outdoor grilling and picnic areas and a dog park. 

Located in the Forest Hills neighborhood, Vesta Creeks Run offers convenient access to Highway 78, Ashley River Road and Interstate 26. 

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