Benefit Street Partners Lends $35M on South Carolina Apartments Buy

Conserve Holdings's David Walkin and Parkview Greer in Greer, S.C.

Conserve Holdings has landed $34.5 million of acquisition financing to purchase a newly built South Carolina multifamily asset, Commercial Observer has learned.

Benefit Street Partners  supplied the three-year loan for the real estate investment firm’s $47 million acquisition of the 257-unit Parkview Greer in Greer, S.C., from developer Keith Edes. The transaction closed at an interest rate of plus 2.45 percent over the Secured Overnight Financing Rate. 

The transaction marked Conserve Holdings’ 11th in South Carolina’s Greater Greenville-Spartanburg area.

“That milestone speaks to our deep conviction in this region,” David Walkin, founding partner of Conserve Holdings, said in a statement. “Each one represents a meaningful step forward for our company, our partners, and the communities we invest in.”

Greysteel’s John Manning arranged the sale. 

Located at 1004 Parkview Greer Circle, Parkview Greer is five miles north of Greenville-Spartanburg International Airport and 15 miles east of Furman University. Park View Greer consists of one-, two- and three-bedroom apartments, and features amenities such as a fitness center, a swimming pool, a clubhouse and a dog park.

Conserve is partnering with Sharp Management to provide property management.

Benefit Street Partners did not immediately return a request for comment.