Berkadia announced today the sale of Carolina Cove, a 73-unit, garden-style multifamily property in Myrtle Beach, South Carolina. Managing Director Mark Boyceand Director Blake Coffey of Berkadia’s Carolina’s office completed the sale on behalf of the seller, Hallmark Companies.

Senior Director Josh Finley of Berkadia’s Atlanta office secured $4.7 million in acquisition financing through Freddie Mac’s OptigoSmall Balance Loan Program on behalf of the New York-based buyer, Quad Property Group. The 10-year loan featured a 30-year amortization schedule, declining prepayment and a 75 percent loan-to-value ratio. The deal closed on December 21.

“Within the past year, Carolina Cove rolled out of being a rent restricted property and is now fully market rate. This will provide a clear path for Quad Property group to add value, especially as we continue to see strong interest in coastal markets such as Myrtle Beach and expect that demand to continue into 2021,”said Boyce.

“Quad Property Group’s acquisition of the Carolina Cove Apartments showcases their continued expansion into new markets across the Southeast where opportunities exist to add value and generate exceptional cash on cash returns for their investors,” said Finley.

Located at 830 Carolina Place,Carolina Cove was built in 2000 and features 73 units. The property affords convenient access to U.S. Highway 17, Myrtle Beach International Airport, Restaurants, and Grocery Stores.

About Berkadia®:

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.

To learn more about Berkadia, please visit www.berkadia.com.