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Deals & Dealmakers

Kalikow refinances loan for new apartment property

AARON SIEGEL

The Kalikow Group, a fourth-generation, New York development and management firm based in Westbury, has closed on a 12-year Fannie Mae DUS loan in the amount of $22.26 million for its 4830 Wescott Apartments.

The newly-constructed, 182-unit multifamily community is located at 4830 Wescott Blvd, North Charleston, SC.

The property is owned by a Joint Venture between affiliates of The Kalikow Group, Breakers Capital Partners, and EYC Companies.

The transaction closed on June 21, 2019. The lender is Arbor Commercial Funding I, LLC.

“This refinancing was an important step in the asset’s life cycle allowing us to secure very attractive long-term financing,” said Aaron Siegel, Senior Vice President for The Kalikow Group, who secured and managed the transaction.

“The successful construction and refinancing of this project is consistent with our continued strategy of developing multifamily housing in demand driven growth markets in the Southeast.”

4830 Wescott features three-story wood frame buildings and resort-style amenities. The development is located within Dorchester County, the fastest growing county in South Carolina and home to many of the area’s major employers such as Boeing, Daimler, Cummins and Mercedes-Benz.

4830 Wescott is within Wescott Plantation, a well-established 1,600-acre master planned development featuring quality neighborhoods, excellent public schools, a golf course and national retailers.

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