Standard Communities, the affordable housing division of Standard Companies, announced it led a public-private partnership that acquired Bridgeview Village Apartments, the largest privately-owned affordable community in the city of Charleston, SC. Built in 1971, and acquired via a long-term ground lease, Bridgeview Village is a 100 percent affordable community comprising 300 units in 26 residential buildings on a 22-acre site. All units are covered by a Project-Based Section 8 Housing Assisted Payment (HAP) contract, the company said.
Standard Communities said it completed the transaction in partnership with the U.S. Department of Housing and Urban Development (HUD), South Carolina State Housing Finance and Development Authority (SC Housing) and Housing On Merit. With a total capitalization of more than $97 million, including a $22 million renovation, the transaction was financed with Low Income Housing Tax Credits (LIHTC) arranged in partnership with SC Housing and purchased by Alliant Capital, with additional financing provided by Citibank, according to Standard.
“We are proud to partner with HUD, SC Housing, and Housing on Merit to preserve and expand affordable housing in South Carolina,” said Scott Alter, co-founder and principal of Standard Communities.