JV Obtains $54M Loan for Charleston-Area Mixed-Use Project

Cantor Fitzgerald and Silverstein Properties have entered into a joint venture with Turnbull Development to develop a mixed-use project in Summerville, SC, encompassing 365 garden-style multifamily units across three buildings and a 40,000-square-foot medical office building in a qualified opportunity zone.

The venture closed on $54 million in construction financing from SouthState Bank, to develop the project. Located at the corner of Berlin Myers Parkway and Highway 78 the investment is part of a 57-acre mixed-use, master-planned development known as Sawmill.

Sawmill will be anchored by a two-story Roper St. Francis micro-hospital and outpatient surgery center and will include a neighborhood grocery store and retail out parcels that will serve as convenience and service amenities for residents and employees. The multifamily component will have direct access to Sawmill Branch Canal and Greenway Trail and offers on-site outdoor amenities such as a pickleball court, a dog park, and a pool and clubhouse. Construction of the multifamily portion is expected to commence in July 2024.