CHARLESTON, S.C. — A joint venture between Spandrel Development Partners, Aspen Heights Partners and Northwestern Mutual plans to break ground on a 221-unit apartment community in downtown Charleston known as 511 Meeting Street. Situated in Charleston’s Upper King district, the project will feature more than 9,000 square feet of amenity space, two levels of structured parking and ground-floor retail space. The joint venture plans to break ground this month with completion expected by the second quarter of 2019. Including this project, Spandrel Development has $165 million in downtown Charleston developments underway, including two student housing projects in a partnership with Armada Hoffler Properties.
MAULDIN, S.C. — NAI Earle Furman has arranged the $13.5 million sale of Terrace at Butler Apartments, a 132-unit multifamily community located on East Butler Road in Mauldin, roughly eight miles south of Greenville. Engel Realty purchased the property from 771 East Butler Investors LLC. Built between 1999 and 2000, Terrace at Butler was 94 percent occupied at the time of sale. Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman represented the seller in the transaction. Engel Realty was self-represented.
MISSISSSAUGA, ONTARIO — R&R Real Estate Investment Trust (R&R REIT) has agreed to acquire a portfolio of nine extended stay hotels in the Southeast and Midwest totaling 1,020 rooms for an aggregate purchase price of $35 million. The properties are currently owned and operated by entities controlled by R&R REIT’s Majid Mangalji and Michael Klingher. Five of the hotels operate under the HomeTowne Studios brand, and the remaining four operate under the HomeTowne Suites brand. The properties are located in Kentucky, Georgia, Mississippi, Arkansas, Louisiana, Alabama, Illinois and South Carolina. Blake, Cassels & Graydon LLP and Greenberg Traurig LLP acted as legal counsel to the REIT, and Raymond James Ltd. acted as financial advisor to the special committee charged with approving the portfolio acquisition. Following the closing of the acquisition, the REIT’s portfolio will comprise 10 hotels located in nine states.
LEXINGTON, S.C. — The Shopping Center Group, on behalf of developer Columbia Development, has signed three anchor leases at Lexington Marketplace, a 143,850-square-foot shopping center in Lexington. The Fresh Market, Hobby Lobby and Ulta Beauty have signed on at the shopping center, which will be situated at U.S. Highway 378 and Saluda Springs Road. This will be the second location in the metro Columbia area for The Fresh Market. Darrell Palasciano of The Shopping Center Group is seeking additional retail and restaurant tenants at the property, which is currently 70 preleased.
CHARLESTON, S.C. — Grandbridge Real Estate Capital has arranged the $51 million refinancing for Bank of America Place, a 144,000-square-foot, four-story office building along Meeting Street in Charleston. The office building features ground-floor retail space and an attached 355-space parking garage. Tenants include Bank of America, New York Life, Morgan Stanley, Wells Fargo Advisors, Parker Poe Law Firm and Resurgent Capital Services. Russ Balderson and Kevin French of Grandbridge arranged the loan through AIG Global Real Estate on behalf of Charleston Financial Center LLC, a subsidiary of Oceanside Resorts Inc., which purchased Bank of America Place in 2004.
CHARLESTON, S.C. — The Berry Cos. and Big Cypress Capital have opened Cainhoy Pointe, a gated 110-unit apartment community off Jack Primus Road on Charleston’s Daniel Island. Apartment units range in size from 817 to 1,057 square feet and feature wood-style plank flooring, designer cabinetry, dual marble vanities, walk-in closets and granite countertops. Community amenities include a resident lounge, game room, cyber café, demonstration kitchen, fitness center, yoga studio, business center, community pool, fire pit, walking paths and a dog park. The property is located next to the original phase of Cainhoy Pointe, a 72-unit property originally developed in 2008 as condominiums. Berry and Big Cypress have converted 27 of the units to rental apartments. Cainhoy Pointe is situated near Cainhoy Plantation, a 9,100-acre master-planned development. The design team for Cainhoy Pointe includes general contractor Liberty Solutions, landscape architect John Tarkany Associates of Charleston, architect BB+M Architecture, property manager RAM Partners and leasing agent Sales Inc.
GREENVILLE, S.C. — CRG and Gramery Property Trust have broken ground on a 432,000-square-foot build-to-suit warehouse in Greenville for Bausch + Lomb, a manufacturer of eye care products including contact lenses and eye implants. Bausch + Lamb currently operates a manufacturing facility four miles from the new development, which is expandable up to an additional 432,000 square feet. The facility will include 38-foot clear heights, an ESFR sprinkler system, 42 loading docks, one drive-in door, 101 trailer spaces and 94 automobile parking spaces. The design team includes design-build firm Clayco Inc. and architect Forum Studio. Bausch + Lomb is expected to take occupancy beginning in October.
CLEMSON, S.C. — Stonemont Financial Group has begun construction on Plaza One89, a 45-bed student housing community located near Clemson University in South Carolina. The four-story property, which is also home to 6,000 square feet of retail space leased to Amici Italian Café, will offer two- and four-bedroom, fully furnished units with balconies. Community amenities will include a rooftop patio, on-site parking and controlled access. The project is set to open this August.
WEST COLUMBIA, S.C. — Miller-Valentine Group has begun construction on Midway Logistics II, a 200,000-square-foot speculative industrial facility located at 825 Bistline Drive in West Columbia. The property will be situated within Lexington County Industrial Park, a 350-acre master-planned industrial development located at the intersection of Interstates 77 and 26. Miller-Valentine Group has awarded Colliers International the leasing assignment for Midway Logistics II, which is the first speculative industrial facility built by a private developer in South Carolina’s Midlands region since 2009.
Love Funding Provides $10.8M HUD Loan to Convert Mill in Upstate South Carolina into Loft Apartments
GREER, S.C. — Love Funding has provided a $10.8 million loan to convert a former textile mill into Lofts by the Lake at Apache Mill, a proposed 97-unit apartment community in Greer. The development team is led by real estate veteran Dale Goodrich. Tammy Tate of Love Funding arranged the loan through HUD’s 221(d)(4) loan insurance program, which provides low-rate financing during construction and for a subsequent 40-year term. The transaction also makes use of federal and state historic tax credits, as well as state textile mill credits. Since the majority of the tax credits aren’t available until final completion, Tate also helped arrange a bridge loan for the borrower through Love Funding’s parent company, Midland States Bank. The 7.2-acre property was originally developed in the mid-1830s, and the first modern mill was constructed as a brick facility in 1988. The proposed apartment community will feature two-story windows, pine columns, exposed historic brick walls, lake views in 51 of the units and communal resources including lake access and kayak shoots. The project team includes architect Joe W. Hiller Jr. and general contractor Triangle Construction Co. Blue Ridge Property Management will manage Lofts by the Lake at Apache Mill upon completion.