Bluewater at Bolton’s Landing offers spacious, private secluded residential living, conveniently located in West Ashley. The stately architecture and extensive amenities make this property highly desirable for prospective tenants.
Location: Charleston, SC
The Challenge: Highland was commissioned to obtain a section 221 (d)(4) loan for the construction of Bluewater at Bolton’s Landing, which was located within the Bolton’s Landing Planned Community including a mixture of detached single family dwellings, attached townhomes, and multifamily units. After a wetland delineation/determination and flood zone determination was completed it was realized that wetland areas run throughout the property. Additionally, the subject property has portions located in flood Zone X which is outside the 100 and 500-year flood plain, Shaded Zone X which is outside of the 100-year flood plain, and Zone AE which is within the 100-year flood plain. Highland was charged with ensuring the subject could meet the HUD requirements and evidence that the proposed development was in compliance with local government authority’s floodplain requirements while preserving the wetlands environment as much as possible.
HCM Solution: Highland was able to close this transaction under the Section 221 (d)(4) program by facilitating the 8-step process in accordance with recommendations of the environmental consultant in order to be in compliance with Executive Order 11988. Further, the development team obtained a wetland permit and provided a letter from the United States Army Corps (USACE) stating all required mitigation had been completed for the proposed impacts to the entire development. Additionally, a Wetland Preservation Letter was also provided noting that all wetland areas on the subject property are protected by deed restricted wetland buffers with varying widths and the proposed multifamily development shall not impact any wetland areas. The development team managed to meet the requirements of developing in such a high risk flood zone and was successful in leaving the wetlands undisturbed, which was a large concern.
Community Effect: The location of the property is near a vast variety of services utilized by the community including employment centers, shopping, schools, religious facilities and recreational areas. With the influx of people in Charleston County, this development has led to economic growth in the area as well as job formation.
Loan Amount: $26,969,900
Loan Details: Section 221 (d)(4)