Plans Under Way for $59.2M Housing Development in Charleston, S.C.

📅   Fri July 14, 2017 - Southeast Edition #15


Holliday Fenoglio Fowler L.P. (HFF) announced that it has arranged equity and construction financing for the development of 511 Meeting, a seven-story, 221-unit multi-housing community in Charleston, S.C.
Holliday Fenoglio Fowler L.P. (HFF) announced that it has arranged equity and construction financing for the development of 511 Meeting, a seven-story, 221-unit multi-housing community in Charleston, S.C.

Holliday Fenoglio Fowler L.P. (HFF) announced that it has arranged equity and construction financing for the development of 511 Meeting, a seven-story, 221-unit multi-housing community in Charleston, S.C.

HFF worked on behalf of Spandrel Development Partners to arrange a general partnership with Origin Investments and Aspen Heights. Subsequently, on behalf of the newly created partnership, HFF secured $59.2 million in construction/permanent financing and limited partner equity through Northwestern Mutual.

Due for completion in 2019, 511 Meeting will be situated on 1.6 acres in Charleston's Upper King Street district, which was ranked by U.S. News and World Report as one of the 10 Best Shopping Streets in the United States.

The property will consist of a blend of conventional and workforce housing units along with 2,000 sq. ft. of ground-floor retail. Unit layouts will include studio, one- and two-bedroom units ranging from 520 to 1,050 sq. ft. each.

The podium-style building will feature two levels of parking at its base topped with four floors of housing on the east side of the building and six floors of housing on the west side. Community amenities will include a resort-style swimming pool and relaxation lounge in the courtyard as well as work space and multi-functional rooms.

The HFF team representing the developer was led by managing director Gregg Shapiro, director Megan Thompson and senior managing director Jason Nettles.

“After assembling a general partnership comprising a top-notch entitlement, development and construction team, we were extremely pleased that Northwestern Mutual came in to provide both the construction financing and limited partner equity to complete this exciting project on the extremely difficult to develop Charleston peninsula,” Shapiro said.