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A trio of co-developers have collaborated to develop a 180-unit affordable housing project dubbed The Sullivan community in South Carolina. Schaumber Development, Holliday Development and Douglas Development are the companies working on the project.
According to the developers, construction on the Sullivan community is nearing completion and it’s almost ready for the first residents. Presently, the leasing arrangements are in progress and they expect the first set of residents begin moving in this month.
A principal and spokesperson of the development team, Holly Douglas said the The Sullivan will help alleviate the housing crisis. Especially since the wages for many jobs are not keeping pace with housing prices. She also pointed out that the supply for rental homes at this price point were scarce in Greenville.
The Sullivan community occupies a 40 acre property at 6001 Jacks Lookout Road. Therefore, it’s location is close to Highway 25 and 5 miles away from Greenville. The property will offer residents easy access to multiple dining and retail options near White Horse Road. In addition, it’s just about 3 miles south of Furman University.
Featured amenities at the Sullivan community
The Sullivan community features 180 units spread across five 3-story buildings. The buildings include one, two, three and four bedroom units, with sizes ranging between 900 and 1,600 square feet. However, the units are only available for households earing up to 60 percent of the area median income. All units will have 9 feet high ceilings, air conditioning as well as walk in closets. Additionally, the property will also be furnished with efficient appliances such as HVAC systems, ceiling fans, and washer/dryer hookups. It also provides wiring for cable and internet connections.
JPMorgan chase Bank is providing a $32.2 million construction loan, as part of the funding for the Sullivan development. South Carolina State Housing Finance and Development Authority will also provide 4% bonds along with low income housing tax credits. This amounts to $22 million. Additionally, Community Works is also issuing a $200,000 loan , which has already been paid according to public records. Other sources of capital for project include investments from RBC Capital Markets, Stifel Bank and Prudential. |
