Northmarq arranges $32 million bridge loan for new 121-unit build-to-rent property

CHARLOTTE, N.C. (July 15, 2024) — Northmarq’s Debt + Equity team of Grant Harris, David Vinson and Faron Thompson collaborated to secure the $32 million external refinance of Saddlewood at Pepper Hall, 121-unit a build-to-rent (BTR) property. Situated at 201 Saddlehorse Dr. in Okatie, South Carolina, the newly built community offers townhomes and carriage homes in Bluffton’s newest master community, Pepper Hall.

Northmarq arranged financing on behalf of the borrower, RP Communities and Argosy Real Estate Partners, through a correspondent relationship with ACRE based out of Atlanta. The transaction was structured on a 5-year term.

“With the number of bids and multiple rounds of competitive offers for a property in early lease-up, this transaction was a real testament to the liquidity in the capital markets and the desire for high-quality sponsors and real estate,” said Harris.

Saddlewood at Pepper Hall features one-, two- and three-bedroom townhomes with open-concept kitchens with granite countertops and sleek appliances, oversized bedrooms, private porches and detached garages. Residents of the BTR community enjoy many amenities, including pool, resident clubhouse with fitness center, dog park, green space, planned state waterfront park with trails and a kayak launch, and proximity to shopping, dining and entertainment. The property is conveniently located 11 miles west of Hilton Head Island and less than 20 miles northeast of Savannah, Georgia.