Construction on the Sullivan community in South Carolina is nearing completion and it’s almost ready for the first residents.
The development occupies a 40-acre property at 6001 Jacks Lookout Road. It 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.
Also Read: Construction of Karis Cold storage facility in South Carolina begins
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.
It will thus offer residents easy access to multiple dining and retail options near White Horse Road. In addition its location is close to Highway 25 and 5 miles away from Greenville. Furthermore, it’s just about 3 miles south of Furman University.
Sullivan community in South Carolina to alleviate the housing crisis
A principal and spokesperson of the development team, Holly Douglas said The Sullivan will help alleviate the housing crisis. Especially since the wages for many jobs are not keeping pace with housing prices.
Therefore, the development units are only available for households earning up to 60 percent of the area median income. She also pointed out that the supply of rental homes at this price point was scarce in Greenville.
A trio of co-developers including Schaumber Development, Holliday Development, and Douglas Development, collaborated to develop the affordable housing project.
Funding for the project
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 the project include investments from RBC Capital Markets, Stifel Bank, and Prudential.
