Horizon Village
North Charleston, South Carolina

www.springcreekhv.com

Development:
458 Rental Units
194 Homeownership Units

TCG Development Services, LLC partnered with the Housing Authority of the City of North Charleston, collaborated with residents and stakeholders to plan and design the Horizon Village, a mixed-income, mixed tenure, mixed-use neighborhood that not only reconnects the existing 68 acre site to its surroundings but is also one of the first redevelopments of substantial critical mass in the North Charleston market. The development program consists of several sites and projects, including a 64-unit tax credit garden style new construction rental community, 16-unit tax credit rehabilitation, 72 unit tax credit garden style new construction, and 306 unit new construction community financed with 4% tax credits and tax-exempt multifamily housing revenue bonds. In addition, 130 for-sale units are being built and sold;  and 64 public housing units are being rehabilitated and sold to eligible public housing residents on an off-site parcel. 

At this point three of the mixed-finance rental developments, Birchwood (64 units), Phoenix (16 units), Alston Lake (72 units) and 16 units respectively, have been placed in service utilizing tax credit, HOPE VI funds, and conventional loan funds. The 306 unit tax credit/bond development was placed in service in November, 2007, and utilizes tax credit equity, a 221(d) (4) FHA loan, a tax exempt revenue bond and HOPE VI funds. 

The 306 unit multi-family rental is comprised of 126 public housing tax credit units, 155 tax credit units, and 25 market rate rental units. The market rental units will float among the 306 units. The development will include a new, 6,200 square foot community building facility, will restore 6.8 acres of wetlands, and will preserve 20 acres in the flood plains as open space. TCG Development Services, LLC’s approach to developing market units in the North Charleston emerging market is to create critical residential mass and a quality development with amenities to build a community of choice for households that have an opportunity to rent or purchase elsewhere. Horizon Village provided the impetus for substantial additional real estate development in N. Charleston.

Birchwood Apartments—2002 9% LIHTC; 64 Units

  • HouseDeveloper:  North Charleston Housing Authority & TCG Development Services, LLC
  • Financing:  Bank of America Construction Loan; National Equity Fund. Syndicator; CDT (NATIONAL EQUITY FUNDMAC) Permanent Mortgage; HOPE VI Loan.
  • Architect:  Ross Deckard Architects, PA
  • Engineer:  Thomas & Hutton Engineering Co.
  • Contractor:  Rodda Construction Carolina, LLC.
  • Marketing/Management:   Lane Management Co.

Phoenix Apartments—2002 9% LIHTC; 16 Units

  • HouseDeveloper:  North Charleston Housing Authority & TCG Development Services, LLC
  • Financing:  Bank of America Construction Loan; National Equity Fund. Syndicator; CDT (NATIONAL EQUITY FUNDMAC) Permanent Mortgage; HOPE VI Loan.
  • Architect:  SGM Architecture
  • Engineer:  ADC Engineering, Inc.
  • Contractor:  Rodda Construction Carolina, LLC.
  • Marketing/Management:  Lane Management Co.

Alston Lake Apartments—2004 9% LIHTC, 72 Units

  • Developer:  North Charleston Housing Authority, TCG Development Services, LLC & Mercy Housing East, Inc.
  • Financing:  Wachovia Bank, NA Construction Loan; National Equity Fund. Syndicator; CDT (NATIONAL EQUITY FUNDMAC) Permanent Mortgage; HOPE VI Loan.
  • Architect:  Martin Riley Associates-Architects, P.C.;  Engineer:  Cox & Dinkins, Inc.
  • Contractor:  Ambling Construction Company, Inc.
  • Marketing/Management:  Lane Management Co.

Horizon Village Rental—2006 4% Bond/LIHTC, 250 Family (Barony place) & 56 Senior Units (Manor)

  • Developer:  North Charleston Housing Authority & TCG Development Services, LLC,
  • Financing:  Municipal Bond Construction Loan (RBC Dane Rauscher); National Equity Fund. Syndicator; HUD/FHA Permanent Mortgage (AGM Financial); HOPE VI Loan.
  • Architect:  Torti Gallas & Partners; Martin Riley Associates-Architects, P.C. (The Club)  Engineer:  Thomas & Hutton Engineering Co.
  • Contractor:  Ambling Construction Company, Inc.
  • Marketing/Management:  Lane Management Co.

Spring Creek Homes—2007 130 homeownership units; 80 Hope VI subsidized & 50 Market

  • HouseDeveloper: NCHA & TCG Development Services, LLC (North Charleston Homes, LLC.)
  • Financing:  City of North Charleston, Bank of America & Lowcountry Housing Trust Construction Loan;  HOPE VI Second Mortgage Funds; City, HOME, State Trust Fund and other downpayment assistance.
  • Architect:  Torti Gallas & Partners;  Engineer:  Thomas & Hutton Engineering Co.
  • Contractor:  Mungo Construction/Harbor Homes
  • Marketing/Management:  Community Market Services

OakLeaf Estates  2002 HUD 5(h) 64 Homeownership Units

  • Developer: NCHA & TCG Development Services
  • Financing:  HUD Capital & CDBG Funds Construction;  HOME and other downpayment assistance.
  • Architect:  SGM Architecture;  Engineer:  HLA Engineering.
  • Contractor:  North Charleston Housing Authority
  • Marketing/Management:  ECHO, Inc.