HFF named by First Centrum, LLC to secure joint venture equity for Daniel Island, SC Project

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has been named by First Centrum, LLC to secure a joint venture equity partner for the development of Verena at Daniel Island, (top right photo) a 110-unit, senior independent living apartment community on Daniel Island, an island town in Charleston, South Carolina.

HFF directors Dave Nachison (top left photo) and Alan Davis (middle right photo) are leading the effort to arrange the equity financing on behalf of the sponsor.

“First Centrum, LLC is confident in their ability to secure construction and mini-permanent financing for the project and is seeking a joint venture partner that will provide approximately $5.0 million in equity,” said Davis.

“The project generates a return on cost that clearly justifies and compensates for taking development risk even in this economic environment.”

Located in the center of Daniel Island’s urban village, Verena at Daniel Island residents are within walking distance of retail shops, restaurants and community amenities accessible via miles of dedicated pedestrian paths.

The one- and two-bedroom apartments will have “condo level” finishes and will range in size from 658 to 1,385 square feet.

Community amenities will include a community/dining room, coffee bistro, hair salon, exercise center, wellness and massage room, theater, art studio and game room. Each resident’s rent will also include daily breakfast and another served meal, all utilities except phone and cable, weekly maid service, a dedicated bus for transportation and access to a full time activities director.

First Centrum brings more than 30 years of multifamily and senior housing development experience to this project and applies a fully integrated approach with in-house architecture, general contracting, development and property management capabilities.

First Centrum's development efforts have included luxury rental, single family and multifamily for-sale communities restricted or targeted to residents 55 years of age and older.

Contacts:

David R. Nachison, HFF Director, (202) 533-2500, dnachison@hfflp.com

Alan M. Davis, HFF Director, (202) 533-2500, adavis@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500, krmurphy@hfflp.com