Apr
23

Spartanburg’s Wildewood Apartments Sold

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The 369-unit Wildewood Apartments, located at 350 Bryant Rd. in Spartanburg, has sold for $6.4 million. Tony Bonitati, John Gray and Kay Hill of Greenville, S.C.-based NAI Earle Furman represented the seller in the transaction. Bowman Investments, the buyer, plans to invest $1 million to renovate the property and rebrand it as Woodland Park Apartments.

Vesta Equity, LLC, a Sarasota based private lender, funded an 18-month, $5.2 million bridge loan for the acquisition and renovation. The property was bank-owned and purchased in an REO sale. The property was 80% occupied at the time of the sale. The loan included a $1 million hold back reserve for renovations. Vesta worked diligently with the Sponsors to close the loan only ten days after receiving the request. David Borge of CBRE secured the loan.

This loan marks Vesta’s first transaction in South Carolina. Vesta is actively seeking additional senior and mezzanine loan opportunities in the Southeastern United States and Texas.

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    Categories : Spartanburg

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