JEDA Finances $65 Million Acquisition of Wescott Apartment Complex
Summerville, SC — Dorchester County
The South Carolina Jobs-Economic Development Authority (JEDA) has issued $64,665,000 in Residential Development Revenue Bonds for the purchase of the SFRI Latitude at Wescott Apartments in Dorchester County.
The tax-exempt financing will be used by Sixteenth Floor Residential Inc. to acquire the 290-unit complex, which offers 1-, 2- and 3-bedroom units and employs five people at the complex at 9580 Old Glory Lane in Summerville.
“Summerville is a dynamic market with a fast-growing need for accessibly priced housing, and we’re excited to be able to use JEDA financing for this project.”
Gerald Cichon, CEO of the Housing Authority of the City of El Paso
“We’re grateful to again support a forward-thinking public entity as it facilitates the financing of attainable housing opportunities in the Charleston region,” said Jeremy Cook, Bond Counsel at Haynsworth Sinkler Boyd, P.A., in Charleston.
“Housing in the Summerville-Charleston area is at a premium as the economic development of that area continues to soar. JEDA is pleased to assist an experienced operator access tax-exempt financing for a significant investment in the Palmetto State,” said Jesse A. Smith, Executive Director of JEDA in Columbia.
