Officials have closed on $25.9 million in financing to develop affordable housing for seniors on Johns Island, South Carolina.
The effort is led by Maryland-based Nix Development Co. through a strategic partnership with Sea Island Comprehensive Health Care Corp. (SICHCC) and Ward Mungo Construction.
Named in honor of a civil rights patriarch of Charleston’s Johns Island, Esau Jenkins Village will feature 72 apartment homes in two residential three-story buildings and one resident amenity building with an on-site management office.
The community will have 61 one- and 11 two-bedroom apartments. Construction s expected to be completed in about 16 months. All of the units will be restricted to households earning up to 60% of the area median income. The resident amenity building will provide residents with a large community room, a fitness center, and a computer station. There will also be a walking trail and outdoor gathering space.
“Sea Island Comprehensive Health Care Corp. has been an anchor for the Johns Island community for over five decades.” said Ray Nix of Nix Development. “Our team is grateful for this partnership and look forward to delivering quality affordable housing for seniors and a modern living experience for one of Charleston’s most vulnerable populations.”
Project financing includes $10 million in permanent financing, with a $6.8 million construction bridge loan from Citi Community Capital, $10.4 million in state and federal tax credit equity from PNC Bank, $550,000 from the city of Charleston, a $725,000 seller note from SICHCC, and $905,000 in state housing trust funds from the state of South Carolina. Critical to the capital stack is $3.175 million in American Rescue Plan Act funding, which South Carolina Community Loan Fund manages on behalf of Charleston County.
Nix Development has a project footprint in Charleston and Columbia, South Carolina; Columbus, Ohio; Maryland; and Washington, D.C. The firm has planned and developed more than 1,400 residential units totaling more than $266 million in value.
