Charleston Project Lands Equity, Construction Financing
A partnership between Piedmont Private Equity and Ecstatic Properties is developing the 240-unit garden-style community.
Piedmont Private Equity and Ecstatic Properties have secured equity and construction financing for the development of Preserve at Ridgeville Apartments, a 240-unit mid-rise property in the Charleston-area community of Ridgeville, S.C.
JLL Capital Markets Director John Gavigan arranged the equity partnership with American South Real Estate Fund, Material Capital Partners and Altriarch Capital; Churchill Stateside Group provided the construction loan.
The three-story garden-style community will take shape at 1050 Old Gilliard Road, within an Opportunity Zone, according to Yardi Matrix data. The eight-building complex will feature on-site amenities such as a resort-style pool, fitness center and bark park. The development site is just northeast of Interstate 26, surrounded by numerous dining and entertainment options.
Earlier this month, also in the Charleston area, Standard Communities formed a public-private partnership with the South Carolina State Housing Finance and Development Authority and Housing On Merit for the acquisition of Osprey Place Apartments. Lawson Cos. sold the 108-unit affordable North Charleston property.