Evolve Companies has completed a refinancing for Evolve New Hope Farm, a newly built rental community in Wellford, South Carolina. The sponsor secured a $41 million bridge loan on the 280-unit property, which is located at 510 Cedar Tree Rd. near Spartanburg. The financing recapitalizes a recently delivered multifamily asset and positions the community for stabilization following its 2024 completion.
Northmarq’s West Palm Beach Debt + Equity team arranged the transaction on behalf of Evolve Companies. The financing was structured as bridge debt and was sourced through Northmarq’s relationship with BlackRock. While specific loan terms such as rate, term length and amortization were not disclosed, the deal underscores the availability of bridge capital for recently built multifamily properties in this South Carolina market.
Evolve New Hope Farm was completed in 2024 and offers a mix of one-, two- and three-bedroom apartments. Residences feature private patios or balconies, providing outdoor space for tenants across the unit types. The community’s design and amenity mix reflect its positioning as a modern, garden-style multifamily property intended to serve a range of household sizes.
The property offers a broad amenity package intended to support both lifestyle and convenience for residents. On-site features include a clubhouse and a pool with a sun deck, as well as a pickleball court and a community garden. Outdoor kitchens are available for resident use, and walking trails connect to a lake, enhancing the property’s recreational appeal.
Additional amenities at Evolve New Hope Farm highlight health, wellness and pet-focused offerings. The community includes electric vehicle charging stations and a full gym that incorporates dedicated yoga and cycling rooms. For pet owners, the property offers a dog park and a pet wash station, supporting the needs of residents with animals and adding to the overall service profile of the community.
The location of the property at the intersection of Interstate 85 and U.S. Highway 29 provides residents with regional connectivity and local access. From this Wellford address, residents are in close proximity to area restaurants, shopping options, K-12 schools and nearby universities. The combination of transit access, educational institutions and retail amenities supports the property’s positioning within the greater Spartanburg area.
By securing bridge financing for a newly delivered asset, Evolve Companies has reinforced the capital structure of Evolve New Hope Farm as it continues its lease-up and operations. The involvement of Northmarq and BlackRock underscores the role of institutional capital and intermediary expertise in placing debt on recently built multifamily communities in secondary markets.
