Cantor Fitzgerald and Silverstein Properties Announce Joint Venture with Turnbull Development, LLC for Opportunity Zone Development Near Charleston South Carolina

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Cantor Fitzgerald
The venture intends to develop a mixed-use project encompassing 365 garden-style multifamily units across three buildings, and a 40,000-square-foot medical office building in a qualified opportunity zone in Summerville, South Carolina.

Affiliates of Cantor Fitzgerald, L.P., (“Cantor Fitzgerald”), a leading global financial services firm and real assets investment company, and Silverstein Properties (“Silverstein”), a leading global full-service real estate development, investment, and management firm, announced that they have entered into a joint venture with Turnbull Development, LLC, a Charleston-based development firm.

The venture simultaneously closed on $54 million in construction financing from SouthState Bank, to develop the project. Located at the corner of Berlin Myers Parkway and Highway 78 and strategically positioned within walking distance of Summerville’s historic downtown area, the investment is part of a 57-acre mixed-use, master-planned development known as Sawmill.

This highly anticipated project will have immediate and long-lasting impacts on Summerville and provide a connected, community-oriented environment where people can live, convene, and enjoy. The development will help the local Summerville government better respond to the growing demand for walkable, flourishing communities with convenient transit linkages, proximity to jobs, and access to nearby public services and destinations.

“Sawmill will be a vibrant, region-transforming community,” said Milton Thomas, President of Turnbull Development. “We have spent the last four years developing the master plan, moving through entitlements, and working with the town of Summerville to ensure this will ultimately be one of the region’s premier mixed-use developments.”

“SouthState is committed to helping our communities thrive, and the Sawmill development will certainly contribute to Summerville’s continued growth,” said Thomas Anderson, SouthState Bank Coastal Division President. “As a leading regional bank in the Southeast, we are delighted to provide the capital needed to bring this important project to fruition.”

Sawmill will be anchored by a two-story, Roper St. Francis micro-hospital and outpatient surgery center and will include a neighborhood grocery store and retail outparcels that will serve as convenience and service amenities for residents and employees. The multifamily component will have direct access to Sawmill Branch Canal and Greenway Trail and offers on-site outdoor amenities such as a pickleball court, a dog park, and a pool and clubhouse. Construction of the multifamily portion is expected to commence in July 2024.

“Summerville is a desirable residential destination near Charleston that benefits from the region’s job and population growth,” said Alex Cosio, Vice President, Silverstein Properties. “With preconstruction completed and financing in place, this development is positioned to further invigorate an already bustling community.”

“The proximity to Historic Downtown Summerville places the project in an enviable location with essential amenities nearby. Residents have easy access to retail, culture, recreation, and dining,” said Chris Milner, CIO, Real Assets at Cantor Fitzgerald Asset Management. “Our partnership with Turnbull Development on this project and the location promise to have a positive impact on the community.”

Cantor and Silverstein launched an opportunity zone business in early 2019 to invest in, develop, redevelop, and manage a diversified portfolio of institutional quality commercial real estate assets with an emphasis on multifamily properties located in qualified opportunity zones in the United States. Their opportunity zone development portfolio includes eleven projects in various stages of development exceeding $2.2 billion in total estimated project costs, an average of $203 million per project.