By Jeffrey Steele
Federal Capital Partners (FCP) will provide mezzanine financing for the development of a Class A apartment community in Charleston, S.C. Beginning construction this month, Foundry Point will be a 275-unit community at 107 Brigade St. in Charleston. FCP is undertaking the project in collaboration with real estate investment firm White Point Partners and with real estate investment and development company Middle Street Partners, both based in Charleston.
“We had a number of jurisdictional and environmental approvals to work through; all successfully,” FCP Senior Vice President of Structured Investments E.J. Corwin told MHN. “We have a very strong relationship with our sponsor, who is highly experienced with development in this market. FCP values working with local partners for their knowledge, skill sets and insights into the dynamics of the market.”
Offering a blend of generously-sized studios, one-, two- and three-bedroom residences, Foundry Point will stretch across five structures. Among the common-area amenities will be a 1,500-square-foot gym and yoga room, outdoor rooftop deck with pool, business center, conference room, game room with kitchen and bar and coffee bar.
“Foundry Point is extremely well located in a fast-growing and popular neighborhood, NoMo,” FCP Senior Vice President Bryan Kane said. “Quickly becoming a hub for foodies and tech companies, the area offers residents of Foundry Point a Charleston lifestyle with a new and contemporary vibe.”
Foundry Point will be just a short walk or bike ride to central Charleston and a five-minute stroll to an assortment of offices and popular dining spots. Its name an abbreviation for North of Morrison, NoMo is a downtown enclave within Charleston’s Upper Peninsula, and is termed by some the city’s “Creative Corridor.”
Patterson Real Estate Advisory’s Ken Grimes represented Middle Street Partners.
“FCP brought capital, experience, creativity and flexibility in working with our partners in the transaction and a reputation for building strong, working relationships,” Corwin said.
Image courtesy of Federal Capital Partners