LOAN OVERVIEW

Borrower: FreshStart Hampton, LLC

Loan Amount: $800,000

Location: Kingstree, SC – Williamsburg County

Project Type: Affordable Housing Loan

 

SITUATION

FreshStart Hampton, LLC targets properties that are not operating at full occupancy due to poor management practices and lack of maintenance. FreshStart identified a 48 unit apartment complex in Kingstree, SC to purchase. They wanted to keep the apartment complex affordable and conventional financing was not available.

SOLUTION

FreshStart Hampton approached SCCLF about the project. The company planned to contract with Southeastern Property Management, a long standing affordable housing partner of SCCLF’s, to manage the complex. This partnership combined with the project goal, made them a good fit for SCCLF’s affordable housing loan program. SCCLF approved a $800,000 permanent loan for FreshStart, LLC to purchase the property.

IMPACT

This 48 unit apartment complex will provide much needed safe, affordable housing rental units for residents of a rural, persistent poverty county.