Trinity Street Capital Partners Secures $61 Million Loan for Charleston Multifamily Development

News Summary

Trinity Street Capital Partners has secured a significant $61 million non-recourse construction loan for a new multifamily development in Charleston, South Carolina. The project will create 250 market rate units to meet the increasing housing demand in the area. The development will include diverse unit types and a range of community amenities designed to enhance resident quality of life. This financing highlights TSCP’s commitment to expanding construction lending in a competitive market.

Trinity Street Capital Partners Secures Major Funding for Charleston Multifamily Development

Trinity Street Capital Partners (TSCP) has successfully obtained a substantial non-recourse construction loan of $61 million dedicated to a new multifamily development in Charleston, South Carolina. This financing will facilitate the construction of a 250-unit, Class A residential property aimed at meeting the increasing demand for quality housing in the area.

Description of the Loan Agreement

The construction loan comes with a two-year term and offers two optional six-month extensions, allowing for flexibility in the project timeline. Achieving an impressive 86% loan-to-cost ratio, the loan reflects TSCP’s position as a key financial player even as many lenders are scaling back their construction lending due to concerns over non-performing loans and sustained high interest rates from the Federal Reserve.

Details of the Multifamily Project

The planned Charleston development will feature a mixture of residential units tailored to a diverse demographic. It will include:

• 156 one-bedroom and studio units
• 70 two-bedroom units
• 10 three-bedroom units

The community will be spread across eight four-story residential buildings situated on a spacious 10-acre lot, making it not only a place to live but also a community to thrive in.

Amenities and Features

In addition to residential units, the property will offer a variety of amenities designed to foster a comfortable and engaging living environment. These include:

• Administrative and leasing offices
• A club room lounge complete with a full-service kitchen
• A fitness center and dedicated yoga room
• A business center for professional use
• A recreational game room

Outdoor features will enhance the community experience with:

• A swimming pool accompanied by sun decks
• Poolside cabanas and designated grilling areas
• An indoor/outdoor sitting area equipped with a cozy fireplace
• A playground for children
• A dog park and nature path for pet owners and nature lovers alike

Economic Backdrop of Charleston

Charleston’s economy is thriving, supported by various sectors such as tourism, logistics, aerospace, and information technology. The city’s strategic location gives it access to one of the busiest ports in the United States, significantly influencing regional trade and commerce. Major employers, particularly in the aerospace industry like Boeing, have earned Charleston its nickname of “Silicon Harbor.”

Conclusion and Outlook

With a rich cultural heritage and well-preserved architecture, Charleston continues to be an attractive location for development projects. The multifamily project backed by TSCP signifies an ongoing commitment to meeting housing demands in a growing city. As TSCP expands its construction lending programs throughout the United States, it aims to bring impactful developments that align with the financial and community needs of cities like Charleston.

The future looks promising for both TSCP and the Charleston community, as new residential developments are poised to enhance the living landscape while contributing to flourishing economic conditions.

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Additional Resources

• Hotel Investment Today: Limelight to Charleston
• Business Wire: Churchill Stateside Group Loan
• JLL: Rushmark Properties Financing
• Connect CRE: Rushmark Developing Business Park
• Wikipedia: Charleston, South Carolina