NEW
YORK, July 1, 2024 /PRNewswire/
-- Affiliates of Cantor Fitzgerald, L.P., ("Cantor
Fitzgerald"), a leading global financial services firm and real
assets investment company, and Silverstein Properties
("Silverstein"), a leading global full-service real estate
development, investment, and management firm, announced that they
have entered into a joint venture with Turnbull Development, LLC, a
Charleston-based development firm.
The venture intends to develop a mixed-use project
encompassing 365 garden-style multifamily units across three
buildings, and a 40,000-square-foot medical office building in a
qualified opportunity zone in Summerville, SC.
The venture simultaneously 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 and strategically positioned within walking distance
of Summerville's historic downtown
area, the investment is part of a 57-acre mixed-use, master-planned
development known as Sawmill. This highly anticipated project will
have immediate and long-lasting impacts on Summerville and provide a connected,
community-oriented environment where people can live, convene, and
enjoy. The development will help the local Summerville government better respond to the
growing demand for walkable, flourishing communities with
convenient transit linkages, proximity to jobs, and access to
nearby public services and destinations.
"Sawmill will be a vibrant, region-transforming community," said
Milton Thomas, President of Turnbull
Development. "We have spent the last four years developing the
master plan, moving through entitlements, and working with the town
of Summerville to ensure this will
ultimately be one of the region's premier mixed-use
developments."
"SouthState is committed to helping our communities thrive, and
the Sawmill development will certainly contribute to Summerville's continued growth," said
Thomas Anderson, SouthState Bank
Coastal Division President. "As a leading regional bank in the
Southeast, we are delighted to provide the capital needed to bring
this important project to fruition."
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 outparcels 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.
"Summerville is a desirable
residential destination near Charleston that benefits from the region's job
and population growth," said Alex
Cosio, Vice President, Silverstein Properties. "With
preconstruction completed and financing in place, this development
is positioned to further invigorate an already bustling
community."
"The proximity to Historic Downtown
Summerville places the project in an enviable location with
essential amenities nearby. Residents have easy access to retail,
culture, recreation, and dining," said Chris Milner, CIO, Real Assets at Cantor
Fitzgerald Asset Management. "Our partnership with Turnbull
Development on this project and the location promise to have a
positive impact on the community."
Cantor and Silverstein launched an opportunity zone business in
early 2019 to invest in, develop, redevelop, and manage a
diversified portfolio of institutional quality commercial real
estate assets with an emphasis on multifamily properties located in
qualified opportunity zones in the United
States. Their opportunity zone development portfolio
includes eleven projects in various stages of development exceeding
$2.2 billion in total estimated
project costs, an average of $203
million per project.
About Cantor Fitzgerald, L.P.
Cantor Fitzgerald, with over 12,500 employees, is a leading global
financial services group at the forefront of financial and
technological innovation and has been a proven and resilient leader
since 1945. Cantor Fitzgerald & Co. is a preeminent investment
bank serving more than 5,000 institutional clients around the
world, recognized for its strengths in fixed income and equity
capital markets, investment banking, SPAC underwriting and PIPE
placements, prime brokerage, commercial real estate, and
infrastructure, and for its global distribution platform. Cantor
Fitzgerald & Co. is one of the 24 primary dealers authorized to
transact business with the Federal Reserve Bank of New York. Cantor Fitzgerald is a leading SPAC
sponsor, having completed multiple initial public offerings and
announced multiple business combinations through its CF Acquisition
platform. For more information, visit: www.cantor.com.
About Cantor Fitzgerald Asset Management
Cantor
Fitzgerald Asset Management's investment platform consists of
$13 billion of assets under
management across mutual funds, interval funds, exchange-traded
funds, separately managed accounts, unified managed accounts,
non-traded REITs, opportunity zone funds, 1031 and 721 exchange
vehicles, and other private investment vehicles managed on behalf
of high net worth and institutional investors. The experience and
knowledge of its senior leadership and portfolio management teams
combined with the financial services prowess of industry leader,
Cantor Fitzgerald, enable the delivery of a platform of solutions
across a comprehensive range of capabilities. For more
information, visit: www.cantorassetmanagement.com.
About Silverstein Properties
Silverstein Properties is
a privately held, full-service real estate development, investment,
and management firm based in New York founded
by Larry Silverstein. Silverstein Properties has developed,
owned, and managed more than 40 million square feet of commercial,
residential, retail, and hotel space. Recent projects include
7 World Trade Center, the first LEED-certified office tower
in New York City (2006), 4 World Trade Center (2013), the
Four Seasons Downtown (2016), One West End (2017) and 3
World Trade Center (2018). The company has been recognized as one
of the "Best Places to Work in New York City" by Crain's New
York Business. For more information,
visit: www.silversteinproperties.com.
About Turnbull Development
Turnbull Development, LLC
is a full-service commercial real estate development company with a
long and varied history of developing multifaceted projects in the
Charleston, SC region. With
decades of experience in real estate development and construction,
Turnbull has established itself as a trusted partner in
transforming ideas into realities that drive economic growth and
elevate communities. The company's diverse portfolio showcases its
expertise in creating innovative spaces that blend functionality,
aesthetics, and sustainability across product types including
industrial, office, retail, and mixed-use developments. In
conjunction with Turnbull, marketing of the project will be handled
by Lee & Associates Charleston, a local commercial real estate
brokerage firm based in Downtown
Charleston, SC.
About SouthState Bank
SouthState Corporation (NYSE:
SSB) is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A.,
the company's nationally chartered bank subsidiary, provides
consumer, commercial, mortgage and wealth management solutions to
more than one million customers throughout Florida, Alabama, Georgia, the Carolinas, and Virginia. The bank also serves clients coast
to coast through its correspondent banking division. Additional
information is available at SouthStateBank.com.
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SOURCE Cantor Fitzgerald, L.P.