Timbers Resorts Lands $50M Financing for SC Residential Project
- Apr 07, 2017
By Laura Calugar
HFF recently secured $50 million in financing for the development of Timbers Kiawah – Ocean Club & Residences, a private oceanfront residence club on Kiawah Island in South Carolina. HFF worked on behalf of the borrower to secure construction financing from Mosaic Real Estate Credit LLC, an affiliate of Mosaic Real Estate Investors. Colorado-based Timbers Resorts is developing the property in partnership with funds managed by Oaktree Capital Management LP.
Timbers Kiawah – Ocean Club & Residences will be situated at the end of Beachwalker Drive and Duneside Road on the most southwestern end of the 10-mile, crescent-shaped Kiawah Island Beach. The property will be in the West Beach area of Kiawah Island, on Southern Pines Lane, located minutes from Freshfields Village, the community’s boutique shopping and dining center. Located 30 minutes from downtown Charleston and 45 minutes from Charleston International Airport, Timbers Kiawah – Ocean Club & Residences will also boast proximity to 123 acres of parks, hiking and biking trails, 24 tennis courts and five golf courses, including the Ocean Course at Kiawah Island Golf Resort, which will host the 2021 PGA Championship.
The property will consist of 21 fractional-ownership residences across three residential buildings, each with six ocean residences on the first three levels and a fourth-floor ocean penthouse. Construction of the development recently broke ground, and according to robbreport.com, shared interest ownership (from $500,000 to $1.3 million) is available for 18 three-bedroom residences and three four-bedroom penthouses. Buyers are able to choose between purchasing one-sixth and one-ninth interest. Overlooking the Atlantic Ocean, residences will range from 2,200 square feet to the 3,600-square-foot penthouses.
Amenities include a central lounge area, owner services team, valet, bar and temperature-controlled owners’ wine wall, a fitness facility and children’s playroom. The private, ocean-front beach club has a swimming pool positioned steps from the beach. Timbers Resorts intends to complete Timbers Kiawah – Ocean Club & Residences by the summer of 2018. The 3.5-acre development site is part of the few remaining oceanfront parcels on the island, and according to postandcourier.com, Timbers Resorts acquired it from an affiliate of Kiawah Partners in early February for $11 million.
The HFF debt placement team representing the developer was led by senior managing director Paul Brindley, director Cory Fowler and associate director Brad Greenway. At the end of last year, HFF also arranged $96 million in financing for the development of Timbers Kauai – Ocean Club & Residences, a private oceanfront residence club in Lihue, on the Hawaiian island of Kauai.
Image courtesy of Timbers Resorts