Berkadia announces it has arranged $14.3 million in construction financing for the development of a Veterans Affairs clinic in Sumter, South Carolina, just east of Columbia. Managing Directors Michael Weinberg and Rebecca Van Reken, along with Associate Director Alec Fox of Berkadia Orlando, secured the financing on behalf of Blue Cord DevGroup, LLC.
The team secured a non-recourse, construction-perm loan with a 20-year term following construction of the asset, which will be occupied by the US Department of Veterans Affairs. The debt facility was sourced through a global investment manager at an extremely attractive interest rate and provided proceeds totaling 100%+ of construction costs.
Blue Cord is extremely excited for the opportunity to aid in bringing much needed healthcare to the Veterans of Sumter, SC and the surrounding areas. “Being born and raised in South Carolina, this project is extremely impactful and we are grateful for the partnership we have had with the VA for over 10 years,” said Michael Waldrop, Managing Principal of Blue Cord DevGroup, LLC.
“Berkadia was able to source extremely favorable construction financing terms on behalf of Blue Cord DevGroup, LLC. due to their established reputation as a successful developer, as well as the strong credit of the tenant,” added Van Reken.
Located at 245 Bultman Drive, the Sumter VA clinic will encompass over 26,000 square feet throughout the single-story structure. Situated near multiple transit routes, the clinic is less than five minutes away from U.S. 76 and Broad Street, providing convenient access throughout the greater area and into the state capital of Columbia.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
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About Blue Cord DevGroup, LLC:
Blue Cord DevGroup LLC was founded by combat wounded Veteran, Michael Waldrop, to become a single source for real estate development and management services focused on the Healthcare and Federal Government markets. Drawing on our years of design, construction, and development management experience, Blue Cord DevGroup is best positioned to service our clients from site selection, due diligence, design, permitting, pre-construction, construction, and property management services. To learn more about Blue Cord, please visit www.blue-cord.com.
