JV Brings 156 Senior Units to Charleston
Alex Brown Realty, Wakefield Capital and Affinity Living Group are developing a 120,000-square-foot community slated for completion in June 2018.
By Ariela Moraru
A joint venture between Alex Brown Realty Inc., Wakefield Capital and Affinity Living Group announced development plans for Indigo Hall, a 120,000-square-foot senior housing facility on James Island in Charleston, S.C. The Class A facility is scheduled for completion in June 2018.
Located at 509 Standard Way, Indigo Hall will offer 116 assisted living units and 40 memory care units as well as abundant community spaces. Planned property amenities include a bistro, movie theater, library and gym. The two-story community will accommodate both rehabilitation and therapy services. The property is four miles from the Medical University of South Carolina.
“There is unmet demand for Class A senior facilities in the Charleston area,” said Charles Trefzger, CEO of property manager Affinity Living Group, in prepared remarks. Indigo Hall will be one of the few senior housing options between affluent Kiawah Island and downtown Charleston.
BBVA Compass provided financing for the project, which has been in the planning phase for a couple of years. BBVA also financed the recently opened, 24-story SkyHouse Uptown South Tower, a mixed-use community in Charlotte, N.C.
ABR Chesapeake Fund V invested approximately $10.1 million in the venture. This is the first joint venture between an ABR-sponsored investment program and Wakefield/Affinity.
Health Financing Consultants Inc. also secured a $22.7 million construction loan in November 2016. Integrated Construction LLC started construction in December 2016.
Image courtesy of Indigo Hall