Newmark Arranges $39.1 Million Refinancing for Vesta Creeks Run in North Charleston, SC

December 15, 2025 9:00 AM

Newmark announces the Company has arranged a $39.1 million loan on behalf of Middleburg, a leading developer and operator of rental housing across the Southern U.S., to refinance Vesta Creeks Run, a workforce and affordable housing community located at 460 Forest Hills Drive in North Charleston, South Carolina. Newmark Multifamily Capital Markets Vice Chairman Adam Randall, Managing Director John Westby-Gibson and Associate Ned Engelbride represented the sponsor and secured the financing through Freddie Mac.

“Our team is proud to deliver tailored debt solutions that support Middleburg’s continued success in the Charleston market,” said Randall. “This refinancing enables the sponsor to strengthen the property’s financial position while continuing to provide high-quality housing to the local community.”

The refinancing reflects Vesta Creeks Run’s strong performance following Middleburg’s value-add improvements since acquiring the property in 2021, which enhanced both resident experience and asset performance.

Currently 97% occupied, Vesta Creeks Run features a mix of one- and two-bedroom apartments and townhomes with modern finishes, in-unit washers and dryers, ample storage and private patios or balconies. Community amenities include a resort-style swimming pool, a state-of-the-art fitness center, outdoor grilling and picnic areas and a dog park.

Located in the Forest Hills neighborhood, Vesta Creeks Run offers convenient access to Highway 78, Ashley River Road and Interstate 26. The property is close to major employers and regional infrastructure, including Joint Base Charleston, Charleston International Airport and Boeing.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2025, Newmark generated revenues of over $3.1 billion. As of September 30, 2025, Newmark and its business partners together operated from approximately 170 offices with over 8,500 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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