Evolve Snags $41M Refi on SC Rental Community

Evolve Companies secured a $41 million refinancing for its 280-unit apartment community at 510 Cedar Tree Rd. in Wellford, South Carolina, near Spartanburg.

Northmarq’s West Palm Beach Debt + Equity team led by Chris Hammel  arranged the bridge financing on behalf of the borrower through its relationship with BlackRock. 

Built in 2024, Evolve New Hope Farm features one-, two- and three-bedroom floorplans with private patios/ balconies.

Community amenities feature a lclubhouse, pool with sun deck, pickle ball court, community garden, outdoor kitchens, walking trails and lake, EV charging stations, full gym with yoga and cycling rooms, and dog park with pet wash station.

Located at the intersection of Interstate 85 and U.S. Hwy 29, residents enjoy close-proximity to area restaurants, shopping, K-12 schools, and universities.