Newmark arranges Freddie Mac financing for Vesta Creeks Run in North Charleston, SC
Middleburg, a leading developer and operator of rental housing throughout core Southern markets, has closed a $39.1 million refinance of Vesta Creeks Run, a workforce and affordable housing community located at 4640 Forest Hills Drive in North Charleston, SC. Newmark arranged the Freddie Mac financing on behalf of Middleburg.
The refinancing strengthens the property's financial position and reflects strong performance following a comprehensive value-add strategy executed since Middleburg acquired the asset in 2021. Throughout the course of its ownership, Middleburg implemented several operational and capital improvements that enhanced resident experience and asset performance. The property is currently 97 percent occupied.
“Our partnership with Capital Solutions and Affordable Communities of America, a non-profit organization dedicated to preserving affordable housing throughout the country, enabled us to come up with creative strategies to help us continue to provide and maintain high-quality attainable housing stock in markets like Charleston,” said Michael Bediones, Vice President of Asset Management at Middleburg. “We would like to thank Freddie Mac and Newmark for providing an accretive debt solution to assist us in this endeavor,” added Michael Napoleone, Asset Management Associate at Middleburg.
Vesta Creeks Run is part of Middleburg's Vesta brand, the firm's workforce and affordable housing platform serving residents across the Southeast. The property features attainable rents and area median income (AMI)-restricted units, addressing growing workforce housing needs in the Charleston region.
Under the leadership of Founder and CEO Chris Finlay, Middleburg continues to expand its attainable housing platform across three brands: Mosby, its marquee Class A multifamily product; Vesta, its workforce and affordable housing brand; and Hamlet, its purpose-built single-family rental product.
About Middleburg
Middleburg is a leading real estate investment firm maximizing stakeholder value through a socially conscious, fully integrated approach to the acquisition, development, construction, and management of high-quality, attainable rental housing. With over two decades of multifamily sponsorship, Middleburg has acquired, developed, and financed more than 32,000 multifamily units, exceeding over $4.5 billion in transactions since 2004. For more information, please visit www.middleburg.com.
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