#Charleston SC #Trinity Street Capital #Non-recourse loan

Trinity Street Capital Partners Secures $61MM Non-Recourse Loan in Charleston, SC

Trinity Street Capital Partners (TSCP), a prominent name in real estate finance, recently declared the acquisition of a substantial non-recourse construction loan totaling $61 million. This loan is targeted for the development of a high-end multifamily residential property in the vibrant city of Charleston, South Carolina. The loan comprises a two-year term with two possible six-month extensions, representing an impressive 86% loan-to-cost ratio.

Project Overview

The Charleston project, set to enhance the local skyline, will feature 250 luxury units categorized as class A market rate. It will include 156 studio and one-bedroom units, 70 two-bedroom options, and 10 three-bedroom configurations spread across eight four-story residential buildings located on a spacious 10-acre parcel.

The development promises a wealth of amenities designed to foster community engagement and comfortable living, including:

• - Administrative and Leasing Offices: Streamlining resident management.
• - Club Room Lounge: Equipped with a full-service kitchen for gatherings.
• - Fitness Center and Yoga Room: Promoting health and wellness among residents.
• - Business Center and Game Room: Catering to both professional and recreational needs.
• - Swimming Pool: Surrounded by sundecks, poolsides cabanas, and grilling areas for outdoor enjoyment.
• - Playground and Dog Park: Family-friendly spaces promoting leisure activities.
• - Nature Path: Encouraging an active lifestyle through scenic walking or jogging routes.

Charleston's Economic Landscape

The choice of Charleston for this development is strategic. The city's bustling economy is largely driven by critical sectors such as tourism, logistics, aerospace, and emerging technologies. As the home to the Port of Charleston—one of the busiest ports in the U.S.—the city plays a vital role in regional trade and economic dynamics.

Noteworthy is the growing tech sector in Charleston, earning it the nickname