News Summary
Trinity Street Capital Partners has secured a significant $61 million non-recourse construction loan for a new multifamily development in Charleston, South Carolina. The project will create 250 market rate units to meet the increasing housing demand in the area. The development will include diverse unit types and a range of community amenities designed to enhance resident quality of life. This financing highlights TSCP’s commitment to expanding construction lending in a competitive market.
Trinity Street Capital Partners Secures $61 Million Loan for Charleston Multifamily Development
Trinity Street Capital Partners (TSCP) has secured a substantial non-recourse construction loan of $61 million to support a new multifamily development project in Charleston, South Carolina. This financing will facilitate the creation of a 250-unit, Class A, market rate property that addresses the growing housing demand in the area.
Details of the Project
The construction loan is structured with a two-year term and includes options for two six-month extensions. TSCP achieved an impressive 86% loan-to-cost ratio, demonstrating a strong financial backing for the project amidst a challenging lending environment.
The multifamily development will consist of a variety of unit types including:
- 156 one-bedroom and studio units,
- 70 two-bedroom units,
- 10 three-bedroom units.
The residential layout will feature eight four-story buildings situated on a spacious 10-acre lot, providing a mix of housing options to cater to diverse community needs.
Amenities and Community Features
Future residents can look forward to a range of amenities designed to foster community living and a high quality of life. On the first floor, tenants will find:
- Administrative and leasing offices,
- A club room lounge equipped with a full-service kitchen,
- A fully equipped fitness center,
- A yoga room,
- A business center,
- A game room.
Additional community features will enhance the living experience with amenities such as:
- A swimming pool surrounded by sundecks,
- Poolside cabanas and grilling areas for social gatherings,
- An indoor/outdoor sitting area with a cozy fireplace,
- A playground for children,
- A dog park for pet owners,
- A scenic nature path for walking or jogging.
Charleston’s Economic Landscape
Charleston is experiencing rapid growth, bolstered by various sectors including tourism, logistics, aerospace, and information technology. The region’s economic landscape is further enhanced by the Port of Charleston, one of the busiest ports in the United States, contributing significantly to the area’s trade and commerce.
Major employers such as Boeing and other aerospace companies have earned Charleston its reputation as “Silicon Harbor,” highlighting its diverse economic development and innovation. The city is celebrated for its well-preserved architecture and vibrant cultural heritage, encompassing rich culinary, music, and arts scenes that attract both residents and visitors.
Trinity Street Capital Partners’ Lending Strategy
Despite a tightening lending environment where many lenders are scaling back on construction programs due to non-performing loans and rising interest rates from the Federal Reserve, TSCP is expanding its construction lending efforts across the United States. The firm specializes in non-recourse, high leverage senior and subordinate commercial mortgages, construction loans, and real estate private equity investments with funding options starting at $10 million, positioning itself as a key player in the construction finance market.
TSCP’s strong commitment to multifamily housing development projects such as the one in Charleston reflects its strategic vision in meeting the needs of urban communities while fostering economic growth in regions poised for development.
Deeper Dive: News & Info About This Topic
Additional Resources
- Hotel Investment Today: Limelight to Charleston
- Business Wire: Churchill Stateside Group Loan
- JLL: Rushmark Properties Financing
- Connect CRE: Rushmark Developing Business Park
- Wikipedia: Charleston, South Carolina
Author: Construction FL News
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