Projects

Woodside Mill

Greenville, SC

Constructed in 1902 as the centerpiece of the Woodside Cotton Mill Village, the historic Woodside Cotton Mill is a 550,000sf property that once served as the community and economic center of West Greenville. The neighborhood was added to the National Register of Historic Places in 1987. Breakwater served in a variety of capacities associated with the redevelopment of the site into a vibrant mixed-use development, including conversion to 307 multifamily units, a bistro, brewpub, and commercial spaces designated for retail and office uses.

In order to feasibly undertake such a large conversion, the project extensively utilized various tax credit and abatement programs, including Federal and State historic tax credits, state Textile Mill Revitalization tax credits, and property tax abatements associated with the rehabilitation of historic properties. Breakwater served as lead advisor and owner’s representative, taking on expanded general partner & sponsor roles throughout the evolution of the pre-development process. Breakwater led negotiations with city planning and zoning staff, rezoning the property as a mixed-use development and certifying the site as eligible to receive state tax credits and a property tax abatement, including negotiating for a new city ordinance that doubled the amount of time the project was eligible to receive the property tax abatement. Breakwater further advised on issues related to debt and equity placement, sale of tax credits, construction management, and property management.

LEXINGTON DENTAL

Lexington, SC

Breakwater was responsible for all aspects of the development process, and provided client a full suite of services, including site selection, financing, design, and construction management for owner-operated dental practice, including coordination of design, pricing, scheduling, and timely delivery of multiple owner-driven change orders with general contractor to maintain project delivery budget.

PRIMAL GOURMET

West Columbia, SC

Breakwater was responsible for all aspects of the development process, and provided client with development feasibility, site selection, financing, design, and construction management services for owner-operated food service business expanding locations and relocating its headquarters. Breakwater’s unique approach to problem-solving included marketing the project to multiple lenders, allowing the client to finance the construction despite their limited operating history, and ultimately providing the client with an expanded budget to upgrade the equipment and finish level of the project.

THORNWELL

South Carolina

Completed in 1926, the historic Thornwell Elementary School educated countless students in the Hartsville, South Carolina area until its closure in 2008. Having fallen into disrepair, the school was largely ignored as a viable redevelopment site, despite its prime location within the town of Hartsville. The defunct school sits just blocks from nearby colleges and major employers. However, due to its relatively rural location, the property was overlooked by large investors. What those investors missed, however, was that Hartsville’s population and demography is attributable to the lack of housing supply within its town limits. Discussions with major employers in the area confirmed this: the majority of their workers commute from afar, with some driving 45 minutes or more each way.

Breakwater convened with major employers in the area, including conducting focus groups and surveys with employees regarding their housing choices. Breakwater then secured letters of interest from the employers with respect to leasing and/or subsidizing rent for certain apartments to make them available as recruitment and retention tools for their employees. This unique approach not only helped to illuminate the demand that currently exists for Class A apartment housing in the market, but serves as a credit enhancement to the overall viability of the project.

Breakwater serves as lead developer on the project, and is responsible for placement of limited partner equity, debt, and tax credit investments, and serves as the primary contact for all facets of project.

OTHER RECENT ASSIGNMENTS

Historic Mill Redevelopment

Assisted client with distressed acquisition of historic mill in Opportunity Zone in Massachusetts, providing pre-development advisory services as to entitlements, architectural design, state and federal tax credit availability, and title and environmental issues.

Multi-tenant Medical Office

Assisted client with acquisition of medical office building, leasing negotiations with hospital-affiliated tenant’s expansion, and served as construction manager for multiple tenant up-fits. Currently serve as asset manager and property manager.

Large 1031 Exchange

Assisted client with disposition of large multi-tenant office building, and served as lead advisor on client’s 1031 exchange, performing due diligence and arranging financing on six replacement properties. Currently serve as asset manager.

Multifamily LP Investor

Served as lead advisor to family office investor on multiple multifamily investments, performing real estate due diligence alongside project sponsor, and representing the limited partners’ interests with the sponsor.

Medical Office Portfolio

Assisted client in raising equity and structuring complex debt financing to acquire multiple medical office properties, and served as advisor in disposition of several assets at the end of their holding period.

Government Office Developer

Assisted developer with site selection, acquisition, and response to government Request For Proposals for relocation of a government agency. Services included financial feasibility analysis, cost analysis, and negotiation of state-level tax credits and property tax abatements.