BEAUFORT MEMORIAL AND WODA COOPER CELEBRATE GRAND OPENING OF LIVEWELL TERRACE AFFORDABLE HOUSING COMMUNITY IN PARTNERSHIP WITH PARALLEL HOUSING
Beaufort Memorial and Woda Cooper Companies, Inc. recently celebrated the commencement of construction for Livewell Terrace, a new 120-unit affordable housing community being built on Buckwalter Parkway in Bluffton, SC. The event drew local officials, financing partners, investors, and other supporters to recognize the $39 million investment which will help to address the critical affordable housing shortage in Beaufort County. The region faces an estimated need for more than 10,000 additional housing units to meet growing workforce and community demand (Source).
Livewell Terrace consists of 30 one-bedroom units, 60 two-bedroom units, and 30 three-bedroom units, built on 6.9 acres of land provided by Beaufort Memorial. Rents will range from $700 to $1,725 per month. Amenities will include a business center, fitness facility, playground, and community park.
“The Lowcountry’s rapid growth is driving unprecedented demand for both healthcare services and the workforce needed to provide them, while simultaneously intensifying the region’s housing challenges,” said Russell Baxley, President & CEO, Beaufort Memorial. “Addressing these interconnected issues requires strong, forward-thinking partnerships like our collaboration with Woda Cooper. By working together, we are creating innovative solutions that help attract, support, and retain the healthcare professionals our community depends on today and in the future.”
“The opening of Livewell Terrace is another key piece in tackling the housing crisis in our region,” said Victoria Smalls, Affordable Housing Director, Town of Bluffton. “This is a close-knit community and we’re thrilled to see quality, affordable housing like this become available in our market.”
Livewell Terrace was made possible with funding supported by Low-Income Housing Tax Credits allocated by the South Carolina State Housing Finance and Development Authority. “Every investment in housing drives our state forward, so it’s thrilling to see a new construction project like Livewell Terrace come to life and welcome new residents,” said Robert Macdonald, Executive Director, SC Housing. We’re happy to be a part of something that’s building stronger communities that lower- and moderate-income residents can afford and are proud to call home.”
Affordable housing investors Red Stone Equity and Sugar Creek Capital are providing equity investment. “Tax credit equity is a critical component in our capital structure that allows us to charge rents that are affordable to working families,” said Tommy Lowmon, Senior Vice President, Woda Cooper Companies, Inc. “Both Red Stone and Sugar Creek are long-term partners, and we appreciate their trust and confidence in our ability to deliver high-quality housing.”
TD is Red Stone’s equity investor and is also providing loan funds for Livewell Terrace. “At TD, we’re passionate about making sure families and individuals in South Carolina’s Lowcountry have access to quality, affordable housing,” said Suzanne Lynch, Senior Loan Officer, TD. “Supporting Livewell Terrace is an exciting step forward, and with $32 million in funding to our partners at Woda Cooper Companies, we’re helping 120 individuals and families find a true place to call home. With so many renters in the area feeling the pinch of high housing costs, this project is a real example of how we’re working to open new doors and create more opportunities for South Carolinians.”
Cedar Rapids Bank & Trust is providing the first permanent mortgage for the project. “We’ve had a long-standing relationship with Woda Cooper Companies and are delighted to be able to be part of their long-term commitment to working families in Bluffton,” said Michael Goerdt, Senior Vice President, Cedar Rapids Bank & Trust.”
Parks-Player Architecture & Planning, LLC was the architect for Livewell Terrace, with civil engineering by Carolina Engineering Consultants and sustainability consulting by Sol Design + Consulting. Woda Construction, Inc. was general contractor and Woda Cooper’s management division, Woda Management & Real Estate, oversees leasing and property management. For more information about leasing, visit wodagroup.com or call 231-655-2980.
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