A joint venture between Schaumber Development, Holliday Development and Douglass Development will soon open The Sullivan, a 180-unit affordable multifamily community near Greenville, S.C. Progress Design provided architecture services and Progress Carolina serves as general contractor. NHE Inc is the property manager.
The developers took out a $32.2 million construction loan from JPMorgan Chase Bank for this project, according to Yardi Matrix data. The capital stack also includes investments from RBC Capital Markets, Stifel Bank and Prudential. Low-income housing tax credits and 4 percent bonds from the South Carolina State Housing Finance and Development Authority, amounting to $22 million, have also been issued, along with a $200,000 loan from Community Works that had already been paid, public records show.
A necessary South Carolina community
The community will comprise five three-story buildings incorporating one-, two-, three- and four-bedroom floorplans with an approximate range of 900 to 1,600 square feet. Residences will cater to households earning up to 60 percent of the area median income.
Interiors will feature walk-in closets, 9-foot ceilings and air conditioning. Common-area amenities include a swimming pool, fitness center, dog park, playground and grilling area, along with laundry facilities.
Located at 6001 Jacks Lookout Road, the 40-acre property is close to Highway 25 and about 5 miles from Greenville. There are numerous retail and dining options nearby, alongside White Horse Road. Furman University is some 3 miles north.
As the affordability crisis has been impacting South Carolina, leaders of Greenville and Spartanburg counties estimate the need for more than 10,000 income-restricted units in their communities. Recently, a new affordable project moved forward in the state.
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