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 $61MM for Charleston Multifamily Development
Trinity Street Capital Partners (TSCP) has successfully secured a significant non-recourse construction loan of $61 million aimed at developing a new multifamily property in Charleston, South Carolina. This project involves the construction of a 250-unit, Class A market rate residential community, marking an important investment in the region’s growing housing market.
The funding for this multifamily development comes with a two-year term and offers two six-month extension options, reflecting a flexible approach tailored to meet the challenges and timelines of construction. Achieving an 86% loan-to-cost ratio, this financial backing illustrates the project’s solid foundation and its capacity to attract significant investor interest.
This multifamily project will feature a diverse mix of residential units, including 156 one-bedroom and studio apartments, 70 two-bedroom units, and 10 three-bedroom units. Spread across an expansive 10-acre lot, the development will consist of eight four-story residential buildings, enhancing the housing options in Charleston.
Amenities Designed for Modern Living
Future residents will benefit from a comprehensive range of amenities designed for both leisure and practicality. The first floor of the development will house key facilities including administrative and leasing offices, a club room lounge with a full-service kitchen, a fitness center, a yoga room, a business center, and a game room, promoting a well-rounded lifestyle.
Further community features will provide ample opportunities for recreational engagement. Among these will be a swimming pool accompanied by surrounding sundecks, poolside cabanas, outdoor grilling areas, and an indoor/outdoor sitting area complete with a fireplace. For families and pet owners, elements such as a playground, a dog park, and a nature path will enhance the appeal of the new property.
Contextualizing Charleston’s Economic Landscape
The decision to invest in this multifamily project is well-timed, as Charleston boasts a robust economy with diverse sectors fueling growth. Key areas of economic strength include tourism, logistics, aerospace, and information technology. Notably, the Port of Charleston stands as one of the busiest ports in the United States, significantly contributing to regional trade activities.
This economic backdrop is further supported by major employers in the area, like Boeing, earning the city the nickname “Silicon Harbor” due to its growing technology sector. The blend of well-preserved architecture, a rich cultural heritage, and vibrant culinary, music, and arts scenes further establishes Charleston as an attractive destination for residents and businesses alike.
Shifts in the Lending Landscape
While TSCP continues to expand its construction lending programs across the United States, many lenders are cutting back on their construction initiatives. This shift is primarily due to the increasing number of non-performing loans and the ongoing implications of prolonged high interest rates set by the Federal Reserve. Despite these challenges, TSCP’s commitment to providing high leverage senior and subordinate commercial mortgages, as well as construction loans with funding starting at $10 million, positions them favorably in this evolving market.
As this new multifamily development in Charleston progresses, it not only contributes to the housing supply but also significantly impacts the local economy, offering new living spaces that support the dynamic community fabric of this historic city.
Deeper Dive: News & Info About This Topic
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
Author: Construction TX News
TEXAS STAFF WRITER The TEXAS STAFF WRITER represents the experienced team at constructiontxnews.com, your go-to source for actionable local news and information in Texas and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Texas Construction Expo, major infrastructure unveilings, and advancements in construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of Texas and the Texas Building Branch, plus leading businesses in construction and real estate that power the local economy such as Austin Commercial and CMiC Global. As part of the broader network, including constructioncanews.com, constructionnynews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
