Thursday, July 27, 2017

HFF arranges equity and debt for 221-unit multi-housing development in Charleston, SC

Rendering of Planned 511 Meeting Apartments, Charleston, SC

ATLANTA, GA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged equity and construction financing for the development of 511 Meeting, a seven-story, 221-unit multi-housing community in Charleston, South Carolina.

Megan Thompson

HFF worked on behalf of Spandrel Development Partners to arrange a general partnership with Origin Investments and Aspen Heights.  Subsequently, on behalf of the newly created partnership, HFF secured $59.216 million in construction/permanent financing and limited partner equity through Northwestern Mutual.

Gregg Shapiro

Due for completion in 2019, 511 Meeting will be situated on 1.6 acres in Charleston’s Upper King Street district, which was ranked by U.S. News and World Report as one of the 10 Best Shopping Streets in the United States.

 The property will consist of a blend of conventional and workforce housing units along with 2,000 square feet of ground-floor retail.  Unit layouts will include studio, one- and two-bedroom units ranging from 520 to 1,050 square feet each. 

The podium-style building will feature two levels of parking at its base topped with four floors of housing on the east side of the building and six floors of housing on the west side.  First-in-class community amenities will include a resort-style swimming pool and relaxation lounge in the courtyard as well as work space and multi-functional rooms.

The HFF team representing the developer was led by managing director Gregg Shapiro, director Megan Thompson and senior managing director Jason Nettles.

“After assembling a general partnership comprising a top-notch entitlement, development and construction team, we were extremely pleased that Northwestern Mutual came in to provide both the construction financing and limited partner equity to complete this exciting project on the extremely difficult to develop Charleston peninsula,” Shapiro said.

 For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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