Trinity Street Capital Partners (TSCP) a real estate finance company, announces the origination of a $61MM non-recourse construction loan for the development of a 250 unit, class A, market-rate multifamily property located in Charleston, South Carolina.
The non-recourse construction loan had a 2-year term, with two 6-month extension options and achieved an 86% loan-to-cost. TSCP continues to expand its construction lending programs, throughout the United States, as many lenders curb their construction programs as a result of non-performing loans or the Federal Reserve holding interest rates higher for longer than expected.
The Charleston project will offer (156) one-bedroom & studio units, (70) two-bedrooms, (10) three-bedrooms, in (8) four-story, residential buildings on 10 acres. Amenities will be located on the first floor and will include administrative / leasing offices, club room lounge with full-service kitchen, fitness center, yoga room, business center and game room. The community will also feature a swimming pool with surrounding sundeck, poolside cabanas and grilling areas, indoor / outdoor sitting area with fireplace, playground, dog park and nature path.
Boeing and other major employers have established a strong aerospace presence, while its growing tech industry has led to the nickname “Silicon Harbor”. Culturally, Charleston is renowned for its well-preserved architecture, historic landmarks, rich Gullah heritage, alongside vibrant culinary, music, and arts scenes.
Trinity Street Capital Partners focuses on non-recourse, high leverage senior & subordinate non-recourse commercial mortgages, construction loans and real estate private equity, with investments starting at $10MM on income producing retail, office, industrial, multifamily, manufactured housing communities, self-storage and hospitality properties, located throughout the fifty states.
