Northmarq’s Debt + Equity team arranges $41M refinance of Evolve New Hope Farm apartments in Wellford, SC

WELLFORD, S.C. — Northmarq’s West Palm Beach Debt + Equity team led by Chris Hammel successfully arranged the $41 million refinance of Evolve New Hope Farm, a 280-unit garden-style apartment community located at 510 Cedar Tree Rd. in Wellford, South Carolina (Spartanburg MSA).

Northmarq arranged the bridge financing on behalf of the borrower, Evolve Companies, through its relationship with BlackRock.

“Northmarq was pleased to provide lease-up financing for the recently delivered Evolve New Hope Farm that met and exceeded the sponsor’s objectives. The non-recourse financing provides significant interest savings and return of capital to investors,” Hammel said. “We appreciate the opportunity and relationship with the Evolve team.”

Built in 2024, Evolve New Hope Farm features thoughtfully designed one-, two- and three-bedroom floorplans with private patios/ balconies. Unit amenities include designer fixtures and high-end finishes with spacious kitchens and walk-in closets.  
 
Community amenities feature a luxury clubhouse, resort-style 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, Luxer package room, and dog park with pet wash station. The community provides ample surface parking and garage units.

Conveniently 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.