NEW YORK, NY – Hunt Real Estate Capital announced that it has provided a $24.5 million Freddie Mac conventional multifamily loan to finance the acquisition of a multifamily property in Lexington, South Carolina.
Lullwater at Saluda Pointe is a 280-unit, garden-style apartment community situated on 23.3 acres. The 2007-built property is comprised of 11 three-tale residential buildings and a one-tale leasing office/clubhouse.
The borrower, Lullwater DE Holdings, LLC, bought the property from Fickling & Company through a 1031 exchange.
“This is the type of transaction every sponsor strives to achieve,” said John Sloot, Vice President at Hunt Real Estate Capital. “The borrower bought an older asset in this market several years ago, improved its operations, and then sold it in order to buy a superior repositioning opportunity in a stronger submarket.”
The borrower will invest approximately $1.56 million in capital improvements on site. Plotted interior improvements include new kitchen counters and backsplashes, stainless steel appliances, light fixtures, faux wood floors, and screened porches. The borrower is also plotting to install washer and dryers in 60% of units, replace exterior windows, renovate the clubhouse, add a dog park, paint, and improve landscaping.
“We were very pleased to provide the Freddie Mac financing for this premier ownership group,” added Colin Cross, Director at Hunt Real Estate Capital. “While it was a very volatile time in the debt markets, working with a professional and experienced Sponsor and fantastic partners like John Brickson of Ancient Capital in Dallas, who arranged the acquisition financing on behalf of the Sponsor, was instrumental to getting the deal across the end line.”
Lexington, South Carolina, is located 10 miles from downtown Columbia, within the second-largest MSA in the state of South Carolina.

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DURHAM, NC – Magma Equities has bought Independence Park Apartments, a 312-unit garden-style community in Durham, NC for $50 million. Independence Park is Magma s fifth apartment investment in the Tar Heel State in the past 14 months.
Magma tied up the asset and was able to complete its due diligence and secure attractive agency financing prior to the onset of the Covid-19 pandemic. Even as the economic climate shifted dramatically, Magma maintained the agreed-upon buy price with the seller, according to Magma CFO Michael Wagar.
As active buyers in the region, we were able to source the opportunity off-market and avoid the competitive bidding process. As a result, we were very comfortable with the price as negotiated, said Wagar. This was a very excellent deal for us in January and a very excellent deal for us now. Despite the current challenges, we expect it to perform well over the long-term.
Built in 2009, Independence Park features a mix of one-, two- and three-bedroom units housed in 13, three-tale residential buildings on a 23-acre site at 215 William Penn Plaza. Community amenities include swimming pool, fitness center, business center, clubhouse, 24-seat multimedia theater, tennis court, sand volleyball court, basketball court, playground and dog park.
Independence Park benefits from numerous demand drivers including its proximity to Downtown Durham and the Research Triangle Park, two of the largest employment centers in the region. It is also located two blocks from Duke Regional Hospital and directly adjacent to Voyager Academy, a K-12 charter school that ranks among the top schools in the region.
The Research Triangle is highly desirable employment center that attracts recent graduates from highly regarded surrounding universities to its top employers, added Magma Principal Robert Murray. In the midst of COVID-19, we stress tested the Independence acquisition differently than when we first approached it and were able to work with all parties involved to get the transaction done.
Magma will suspend renovation plans and immediately start outreach to offer any help it can to keep tenants housed and heads on beds, according to Wagar. Independence Park was 96 percent occupied at closing.
Dennis Harris at The Kirkland Company in the firm s North Carolina office represented the seller. Jesse Nichols, Princial in the Los Angeles office of Polsinelli was Magma s legal representative.
Abe Spira and Justin Hechler at Greystone secured the debt with Freddie Mac through its floating rate loan program.

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WAVELAND, MS – FOURMIDABLE, a diversified, national real estate management company, was designated as the new managing agent for three multi-family Section 8, tax credit, public housing and Rental Help Demonstration (RAD) communities consisting of 210 apartments in Mississippi.
According to FOURMIDABLE President, Michael Schocker, “The addition of the communities in Bay Waveland is a tremendous testament to our growing recognition in the various aspects of Affordable Housing. We are excited to continue their pattern of providing high quality and affordable housing to the residents they serve.”
Bay Waveland Housing Authority stated that they are very pleased to have FOURMIDABLE as the management agent at the following three communities:
Bay Pines, a 100-unit apartment community, consisting of one to four bedroom units located in Bay St. Louis. This layered community consists of 100% low income housing tax credit units with 34 project-based Section 8 units and 66 recently converted RAD units.
Camille Court, a 30-unit apartment community located in Waveland, consists of single family homes. Currently this community is public housing with 100% low income housing tax credits with plans to convert to RAD.
Oak Haven Senior Apartments is an 80-unit senior, 55 or older, community also located in Waveland. The property consists of one and two bedroom units with 39 project-based Section 8 units and 41 RAD units. The community has an additional low income housing tax credit component as well.
RAD (Rental Help Demonstration) programs seek to preserve public housing by providing Public Housing Authorities with access to more stable funding to make needed improvements.

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