New multi-housing community development near Charleston capitalized
JLL Capital Markets assists in the equity placement and construction loan for the development of Preserve at Ridgeville Apartments
CHARLOTTE, July 28, 2021 – JLL Capital Markets announced that it has assisted in arranging equity and construction financing for the development of Preserve at Ridgeville Apartments, a 240-unit, mid-rise, garden-style multi-housing community in the Charleston-area community of Ridgeville, South Carolina.
JLL represented the development team of Piedmont Private Equity and Ecstatic Properties, which is lead by John Cattano, in arranging the equity partnership with American South Real Estate Fund; local Charleston equity with Material Capital Partners and Altriarch Capital; and the construction loan with Churchill Stateside Group, LLC.
Once completed, the three-story property will feature top-of-the-market unit amenities and best-in-class community amenities, including a resort-style pool, state-of-the-art health club with virtual classes by Fitness on Demand, a Bark Park with pet washing area and a putting green.
Located at 1050 Old Gilliard Rd., it is the closest multi-housing property to the Santee Cooper industrial park Camp Hall featuring the Volvo Car US plant and is poised to capitalize on the rapid job growth in the submarket.
The JLL Capital Markets debt and equity team that represented the developer was led by Director John Gavigan.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Piedmont Private Equity
Piedmont Private Equity (“PPE”) is a privately held real estate operating and investment company founded in 2008 and headquartered in Atlanta with significant operating partnerships in Charlotte, Jacksonville and Charleston.
PPE and its leadership team have developed or acquired over $700 million of properties, primarily in the Southeast markets and strives to remain a leading Southeastern oriented real estate company around long-term relationships, competency, disciplined capital, and a passion for the industry. PPE has sponsored more than 100 private offerings and has a successful track record of delivery with an audited ROI for its Cumulus funds average of 53.
About American South Real Estate Fund
The American South Real Estate Fund (the “Fund” or “ASREF”) provides mezzanine debt, preferred equity and equity financing for real estate projects located in emerging low- and moderate-income neighborhoods in 10 southern states.
ASREF is an impact fund having a Triple Bottom Line (“TBL”) investment strategy, including risk-adjusted rates, catalyzing economic and community development and investing in projects with a range of environmentally sustainable attributes.