Middleburg has completed a $39.1 million refinance of Vesta Creeks Run, a stabilized workforce- and affordable-housing community in North Charleston, South Carolina. The financing, arranged by Newmark through Freddie Mac, reinforces the asset’s financial foundation following several years of strong operational performance and a comprehensive improvement program.
Located at 4640 Forest Hills Drive, Vesta Creeks Run has undergone a series of operational and capital upgrades since Middleburg acquired the property in 2021. These enhancements supported the company’s value-creation plan and contributed to the community achieving 97% occupancy at the time of refinancing.
Middleburg’s strategy for the community was advanced through partnerships focused on preserving attainability in growing Southern markets. The firm collaborated with Capital Solutions and Affordable Communities of America to maintain both rent attainability and quality standards for residents in the Charleston area.
Vesta Creeks Run is part of Middleburg’s Vesta brand, which focuses on developing and managing workforce and affordable housing for residents throughout the Southeast. The community offers affordable rent options and units restricted by area median income requirements, supporting the region’s expanding workforce housing needs.
Middleburg continues to scale its broader attainable housing platform under the direction of Founder and Chief Executive Officer Chris Finlay. The company operates three core brands across the rental housing sector: Mosby, which represents its Class A multifamily portfolio; Vesta, its workforce and affordable housing offering; and Hamlet, its purpose-built single-family rental line. Across these brands, Middleburg has acquired, developed, and financed more than 32,000 units and executed more than $4.5 billion in transactions since 2004.
KEY QUOTES:
“Our partnership with Capital Solutions and Affordable Communities of America, a non-profit organization dedicated to preserving affordable housing throughout the country, enabled us to come up with creative strategies to help us continue to provide and maintain high-quality attainable housing stock in markets like Charleston.”
Michael Bediones, Vice President of Asset Management at Middleburg
“We would like to thank Freddie Mac and Newmark for providing an accretive debt solution to assist us in this endeavor.”
Michael Napoleone, Asset Management Associate at Middleburg
