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Wednesday, 22 January 2020

CrossHarbor Lends $108Mln Against Charleston, S.C., Apartments

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CrossHarbor Capital Partners has provided $108 million of financing against 10 WestEdge, a 350-unit apartment property in Charleston, S.C.

While the property has been completed, it's still in its lease-up phase and is only 25 percent occupied. So, CrossHarbor's loan was used to pay off construction financing that had been provided by BB&T Bank. The lender funded the loan through its CrossHarbor Senior Debt Income Fund, an open-ended vehicle.

The 10 WestEdge property, which includes 50,000 square feet of retail space that's leased to grocer Publix, was developed by a venture of Atlanta developer South City Partners, Gateway Development Corp. of Birmingham, Ala., WRS Inc. of Mount Pleasant, S.C., and ELV Associates of Boston. The nine-story building, on the banks of the Ashley River on the west edge of the Charleston Peninsula, is part of the 50-acre WestEdge development next to the Medical University of South Carolina. That development also will have office space and additional apartment units and retail space.

Units at 10 WestEdge have stainless-steel appliances, washers and dryers and balconies or patios. Some also have floor-to-ceiling windows with views of downtown Charleston and the Ashley River, wine refrigerators and cabinet-mounted microwave ovens. The building itself includes a rooftop swimming pool, fitness center, clubroom, conference room, outdoor fire pit and grilling areas.

Comments? E-mail Orest Mandzy, or call him at (267) 327-4281.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Charleston
  • States: South Carolina
  • Sector: Multifamily
  • Subject: Mortgages/Financing (MOR)
  • Valuation: Between $100 million and $150 million
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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