Charlotte, N.C.-based Grandbridge Real Estate Capital has closed on a $26.8 million first mortgage loan secured by the Gregorie Ferry Landing Apartments, a planned 240-unit, Class-A multifamily development in Mount Pleasant, S.C.
Located in the Charleston metropolitan statistical area, the four four-story apartment buildings will feature 11,404 sq. ft. of rentable ground level retail and office space, a 1,500 sq. ft. leasing office/laundry facility, a 750 sq. ft. fitness room and a 750 sq. ft. media/gaming room.
The secure, gated community’s convenient access to historic downtown Charleston and the city’s central business district — as well as the area’s surrounding beaches at Isle of Palms and Sullivan’s Island — makes the property an attractive housing option for professionals and families.
Additional community amenities include 32 detached garages, a resort-style pool with sundeck and a sand volleyball court. Internet Wi-Fi will be available in the business center as well as poolside.
The 10.6-acre apartment community is part of a larger approximately 23-acre planned mixed-use development that will feature seven outparcels for development or sale. The entire property has received the zoning designation of Planned Development (PD).
“The HUD 221(d)(4) loan process requires a combination of hard work, the right timing and the right team to make the
The borrowers included Tony Berry, founder of Rock Hill, S.C.-based The Berry Co., along with the Samet Corp., a general contracting firm with offices in Greensboro and Charlotte, N.C.
A subsidiary of Branch Banking and Trust Company (BB&T), Grandbridge has a broad investor base that includes insurance companies,
Grandbridge arranges permanent commercial and multifamily real estate loans, services loan portfolios, and provides asset and portfolio management, as well as real estate