Greenville New Markets Opportunity Reports Investment of Over $16 Million Using New Markets Tax Credits
February 16, 2011
GREENVILLE, SC – February 16, 2011 – The Greenville New Markets Opportunity (GNMO) LLC announced today over $16 million in below-market financing for the RiverWalk project.
RiverWalk is a 90,000 square foot mixed-use space that includes 40 three-bedroom and 4 two-bedroom apartments, 8 artist studios, 3 office spaces and ground floor retail space. The affordable apartments will initially be offered for monthly rents of $850 for three-bedrooms and $675 for two-bedrooms. These rates are well below the current rental residential offerings in downtown Greenville, which has an approximate occupancy rate of 95 percent.
GNMO’s New Markets Tax Credit financing, combined with developer equity and debt financing by Carolina First Bank, a trade name of T.D. Bank, was critical in securing the funds available and affordable to meet the needs and requirements to complete a mixed-use project with an affordable rental residential component.
Phil Hughes, President of Hughes Investment, Inc., stated, GNMO did an excellent job of working within their guidelines to help support this project that otherwise would not have happened. If the team can create a neighborhood that is more attractive than it is now with one new building, then another building, you start getting a trend where people want to live, play and work in the same area.
In addition to offering affordable rental residential housing within the City of Greenville, an IMPLAN economic analysis estimates the project will provide 216 direct, indirect and induced jobs during the construction period and 167 direct, indirect and induced jobs during the operational phase.
About Greenville New Markets Opportunity, LLC
Greenville New Markets Opportunity (GNMO) LLC is a Community Development Entity under the provisions of the Community Development Financial Institutions Fund, whose mission is to serve and provide investment capital for real estate development projects in low-income communities in Greenville, South Carolina.
About Hughes Investment, Inc.
Hughes Investments, Inc. is a locally owned, commercial real estate development company headquartered in Greenville, South Carolina.
