By Tudor Scolca
Construction has begun at White Point Partners’ apartment community in Charleston, S.C. The company’s capital advisor, Patterson Real Estate Advisory Group, obtained hybrid financing in the form of a senior construction loan from Synovus Bank, as well as a mezzanine loan with Worthington Hyde. Development of the Charleston apartment community is expected to take two years, with pre-leasing to begin at the end of next year.
Huger Street will be a 190-unit, Class-A apartment community located at 287 Huger St., in the middle of Charleston’s peninsula. “Over the past ten years, Charleston has evolved from a tourism destination to one of the Southeast’s economic powerhouses. From Boeing and Volvo to Blackbaud and Benefit Focus, the quality of life has lured many employers to the area, and thus has begun the migration of a talented work force – to the tune of 35 people per day moving to Charleston,” said Ryan Hanks, founder of White Point Partners, in a prepared statement.
The property will feature an Urban Sporting Club, an upscale fitness and recreational center which includes a café and sky deck pool, accessible only to residents of the property. Huger Street is right next to the Interstate 26-Septima Clark Parkway junction. The retail corridor on King Street The Medical University of South Carolina and College of Charleston are situated approximately ten minutes from the apartment community.
Image courtesy of Patterson Real Estate Advisory Group