JEDA Helps to Finance Construction of New Affordable Housing Complex in Port Royal

Posted on November 3, 2021 - News, Success Story

Port Royal, SC — Beaufort County

The South Carolina Jobs-Economic Development Authority (JEDA) issued its $37,940,456 Economic Development Revenue Bonds to finance the construction of Broad River Village Apartments (Phase II), a new apartment community in Beaufort County.

The 120-unit affordable workforce housing community will include a clubhouse, swimming pool, playground and other recreational areas and will be located at 100 Broad River Village Drive in Port Royal.

“Affordable housing for America’s workforce has become even more crucial in the wake of the pandemic, especially in areas heavily dependent on hospitality and tourism. JEDA financing and our partnership with Affordable Housing Partners is helping us make a mark in Port Royal in that regard.”

— Bruce Cordingly, President and CEO of the developer, Pedcor Companies of Carmel, Ind.

“We’re pleased that JEDA, Pedcor and AHP trusted us to help with this bond issuance and addressing the growing need for housing of all types on our coast and across South Carolina,” said Michael Seezen, Bond Counsel with Burr & Forman LLP (d/b/a Burr Forman McNair) in Columbia.

“JEDA appreciates the opportunity to again assist Pedcor and AHP provide new, affordable housing options for the South Carolina workforce, especially at such favorable lending terms,” said Harry A. Huntley, CPA, Executive Director of JEDA in Columbia.