SC Affordable Housing Portfolio Gets $77M Upgrade
- Oct 25, 2018
Renovations have been completed at 18 Low-Income Housing Tax Credit (LIHTC) properties across 15 counties in South Carolina, keeping 762 at-risk units available and affordable thanks to a public-partnership led by Greystone Affordable Development, Boyd Management Inc. and WWJ, LLC and financed by a $77.3 million tax-exempt bond transaction.
The three entities, along with federal, state and local officials, celebrated the completed rehabilitation project with a ribbon-cutting ceremony at one of the multifamily communities, the Canterbury Apartments at 103 E. Canterbury Lane in Camden, S.C.
The 18 properties are now owned and operated by WWJ, an affiliate of Boyd Management. Built between 1975 and 1989, the assets were in need of substantial interior and exterior renovations to bring them up to modern standards. The buildings received new windows, siding, roofs and exterior doors, and the interiors were updated with new cabinets, countertops, Energy Star appliances, flooring, bathtubs and plumbing fixtures, as well as energy efficient HVAC units. Upgrades to the community amenities included new common laundry rooms, playgrounds, parking lots, signs and landscaping.
Greystone Affordable Development and its housing preservation team worked closely with the U.S. Department of Agriculture’s Rural Housing Service, the South Carolina State Housing Finance and Development Authority, and Community Affordable Housing Equity Corp. in the statewide-pooled transaction to secure the financing. A portion of the properties also leveraged the USDA’s Multifamily Preservation and Revitalization Program.
The $77.3 million transaction was completed in September 2017, setting the stage for the renovations, averaging about $30,000 per unit, to begin at the properties. The financing included both public and private funding such as:
- single issuance of $24.9 million in multifamily private-activity, tax-exempt bonds from the South Carolina State Housing Finance and Development Authority;
- purchase of 4 percent Federal LIHTCs by an affiliate of Community Affordable Housing Equity Corp., generating $14.1 million in capital contributions;
- senior debt of $20.3 million in USDA Section 538 loans provided by Greystone Servicing Corp. Inc.
“Greystone has enjoyed a decades-long relationship with WWJ, working together to preserve thousands of affordable housing units. WWJ has been an incredibly supportive partner and share our passion for the preservation of affordable housing,” Tanya Eastwood, head of Greystone Affordable Development, said in a prepared statement. “We’re grateful for the collaboration from our communities, local and national organizations and other key partners to make this project a reality.”
Joe Wilczewski, vice president of finance at WWJ, also thanked the partners and noted that together with Greystone they have been able to preserve more than 4,000 affordable housing units in South Carolina.
Dana Boole, president & CEO of CAHEC, referred to the widespread damage to South Carolina communities and homes from two recent hurricanes when noting how important it is to keep affordable homes in the state.
“Although this portfolio will never replace the devastation caused by hurricanes Florence and Michael, it’s one more step towards improving the supply of housing for families and elderly throughout this region, and a fine illustration of how a public-private partnership can foster high quality results,” Boole said.
In addition to the Canterbury Apartments in Camden, the portfolio includes:
- Devonshire Apartments, 715 N. Farr Ave., Andrews, S.C.
- Evans Knoll Apartments, 701 W. Moultrie St., Winnsboro, S.C.
- Foxcreek Apartments, 260 Ravenell Drive, St. Stephen, S.C.
- Knolwood I Apartments, 265 Knolwood Apts. Drive, Lancaster, S.C.
- Knolwood II Apartments, 265 Knolwood Apts. Drive, Lancaster, S.C.
- Oakland Plantation Apartments, 5501 Edge Hill Road, Sumter, S.C.
- Pecan Grove Apartments, 71 Carwellyn Road, Abbeville, S.C.
- Ramblewood Apartments, 131 Pinewood Drive, Batesburg-Leesville, S.C.
- Sandy Bay Apartments, 628 Nelson Blvd., Kingstree, S.C.
- Shady Moss Townhomes, 1705 Shady Moss Court, Conway, S.C.
- Sparkleberry Hill Apartments, 100 Chalice Lane, Columbia, S.C.
- Tallwood I Apartments, 113 Tallwood Drive, Clinton, S.C.
- Tallwood II Apartments, 113 Tallwood Drive, Clinton, S.C.
- Water Oak Apartments, 303 E. Elizabeth St., Jefferson, S.C.
- West Pines Apartments, 113 Clyde Ave., Cheraw, S.C.
- Woodside Apartments, 210 Roland St., Bishopville, S.C.
- Yorktown Apartments, 111 Quinn Road, Clover, S.C.
- The Woodside Apartments in Bishopville, S.C.
Greystone CEO Stephen Rosenberg recently sat down with Multi-Housing News to discuss his predictions for the multifamily industry—the affordable housing sector in particular—and the company’s investment strategy.
Image courtesy of Greystone