Electra Capital Provides $17M Bridge Loan for Apartments in Charleston

Boutique lender Electra Capital has closed on a $16.9 million bridge loan for the acquisition of Avalon at North Charleston III. The 145-unit community was acquired by Carolina Multifamily Investments for $22.4 million.

Formerly named Willow Ridge, the newly-renovated asset offers one and two-bedroom apartments with updated interiors, and is conveniently located between Boeing, Bosch, and the Charleston Air Force Base.

“Charleston is enjoying strong job growth, and likewise apartment demand, on account of the diversification of its employment sector and in-migration from other states,” said Samuel J. Greenblatt, CEO of Electra Capital.