January 1, 2025

Revolutionizing Workforce Housing: The Preserve at Hanover Park in Beaufort, SC

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News Summary

The Preserve at Hanover Park, a transformative workforce housing project in Beaufort, SC, has secured $53.875 million in funding. This landmark initiative aims to provide 280 affordable rental units, addressing a critical housing shortage. With luxury amenities and strategic partnerships, the project promises to enhance the community and support local families. Construction is set to begin shortly, marking a significant step toward affordable housing solutions in the area.

Revolutionizing Workforce Housing: The Preserve at Hanover Park Set to Transform Beaufort, SC

In a major development that promises to reshape the housing landscape of Beaufort, South Carolina, the Churchill Stateside Group, LLC has successfully closed financing for what is being heralded as a landmark initiative in affordable housing. The Preserve at Hanover Park, a new workforce housing community, has secured a jaw-dropping $53.875 million through the Churchill Mortgage Investment LLC, marking the largest USDA-RD 538 loan ever granted in the United States. This financing encompasses both the construction and permanent phases of the project, which is set to address the urgent need for affordable rental options in the area.

The impressive $75 million Preserve at Hanover Park will be strategically located at 139 Robert Smalls Parkway and will consist of 280 residential units catering to low- and moderate-income households. With soaring rental prices in Beaufort, the construction of this project couldn’t come at a better time. As reported, the median cost of a one-bedroom apartment in the city has jumped to $1,688, a concerning 1% increase from the previous year.

A Community Designed for Enjoyment

This eagerly awaited complex is not just about housing; it’s about creating a vibrant community. Residents will have access to a host of luxurious amenities, including sparkling modern swimming pools, state-of-the-art fitness centers, and pickleball courts. Residential units will feature high-end finishes with private patios or balconies, stylish granite countertops, and modern stainless steel appliances, along with the convenience of in-unit washers and dryers. While living spaces highlight comfort and luxury, the project is also seamlessly integrated with potential commercial businesses, enhancing the community’s economic landscape.

Collaboration at Its Finest

The realization of this project owes its success to a strong collaborative effort among multiple property development partners, including Piedmont Private Equity, Portage Real Estate, and Mid-Atlantic Capital Partners. With an impressive track record in the real estate sector, these organizations have leveraged their expertise to bring this essential project to life.

The partnership is not just about private interests; it has also garnered support from USDA Rural Development, making it possible to offer long-term financing at remarkably low-interest rates. This strategic alliance will ultimately ensure the economic viability of what can only be described as a critically needed development.

Addressing Housing Challenges in Beaufort

Beaufort has been grappling with an acute housing shortage, with the county reporting that practically half of the renters are burdened by high rental costs. With approximately one in five households spending more than 50% of their income on rent and utilities, the new units at the Preserve at Hanover Park will play a vital role in alleviating this crisis. This is even more significant given the ongoing trend of rising rents across the city.

The Preserve at Hanover Park is part of a broader movement, with five apartment complexes either under construction or in the planning stages, set to deliver over 1,600 units to the rental market—many aimed at lower-income residents. Developing a diverse range of affordable housing options is crucial for Beaufort, as it not only addresses immediate housing needs but also fosters local economic growth.

Investments in the Future

American South Fund Management has also contributed to this transformative project, providing $13.5 million in preferred equity. This investment is part of a notable $174 million fund aimed at supporting real estate projects in underserved neighborhoods throughout the southern United States. The collaborative effort is positioned to deliver critical housing solutions to the community, promoting stability and opportunities for many families living in the area.

As construction begins next week and is anticipated to last for 18 months, all eyes will be on the Preserve at Hanover Park as it represents not just new homes for many families but an important leap forward in the fight for affordable housing. This project is more than just brick and mortar; it’s a beacon of hope for the future of Beaufort’s housing market, proving that when communities come together, significant change is achievable.