Mortgage Broker in Cane Bay, SC

The Hudson, a 300-unit multi-family apartment complex in Summerville’s Cane Bay neighborhood, was recently sold in an off-market transaction to a private equity firm for $79.5 million.

The sale was announced in November 2021. New York-based developer Monday Properties sold the complex on Owl Lane to Columbia-based PassiveInvesting.com, which invests in multi-family properties in the Southeast and Texas.

“This off-market transaction was an excellent opportunity for both the buyer and seller, and ultimately the residents within the community,” said Frank Craighill, vice president of development at Monday Properties.

PassiveInvesting.com is now offering qualified investors a stake in The Hudson for a $50,000 minimum commitment.

The Hudson is the only multi-family project located in the Cane Bay community. A Publix-anchored retail center was just added across the street.

Monday Properties broke ground on The Hudson in October 2019 and delivered the first buildings in April 2021 with 10% of the project pre-leased and 21 units occupied. The Hudson experienced a steep pace of demand and is now more than 58% leased with 160 units occupied at sale.

The spacious studio, one-, two-, and three-bedroom apartments have private balconies and patios, open-concept floor plans, stainless steel appliances and nine-foot ceilings.

Amenities include a clubhouse and business center, fitness studio and a saltwater, zero-entry pool with sun shelf. Rent prices range from $1,258 for a studio to $2,344 for a three-bedroom unit.

“The property was a great opportunity for our group to expand our footprint in the Charleston (metropolitan area),” said Dan Handford, managing partner of PassiveInvesting.com. “The high-quality asset fits nicely into our portfolio of multi-family properties.”

According to The Hudson’s investment offering, PassiveInvesting.com predicts a 26.3% annualized return on investment with a five-year hold period and the potential to more than double the investment through equity.

This transaction serves as the second multi-family property acquisition in the Charleston market for the firm. In September 2021, PassiveInvesting.com bought the 350-unit complex Bluewater at Bolton’s Landing in West Ashley. PassiveInvesting.com’s total portfolio has a current value of more than $742 million with a total of 4,233 multi-family units.

The sale of the Hudson at Cane Bay marks the second sale of a multi-family property by Monday Properties this year.

The company sold The Mason, a 264-unit multi-family community in North Charleston in June 2021 to American Landmark, a Florida company.

While Monday Properties focuses primarily on real estate markets in New York City, the greater Washington, D.C. metro area, Los Angeles and San Francisco, the team will continue to keep an eye on development opportunities in Charleston.

Monday Properties’ portfolio includes more than 2,700 multi-family units and more than 5 million square feet of commercial office space.

“We are energized by the current activity in the market and intend to seek future development in Charleston and similar growing Southeast markets,” Craighill said. “The successful delivery and subsequent sale of The Hudson is a direct result of the strength of the Southeast market, specifically the exceptional economic growth of the Charleston area.”

Spine Road C was completed by Gulf Stream Construction and funded by the developer, Gramling Brothers. This project included the extension of Nexton Parkway and its associated multi-use pathway into the Cane Bay development; completing the third planned leg of the roundabout on Cane Bay Boulevard near Cane Bay area schools; and improving/installing signage, pavement markings, and pedestrian beacons in and around the roundabout.

Spine Road C ties into the U.S. 176/Nexton Parkway Intersection Improvement project, which was completed and opened to traffic in May 2020. The U.S. 176/Nexton Parkway Intersection Improvement project was constructed by Landmark Construction and funded by the County’s One-Cent Sales Tax Program; Infrastructure Consulting and Engineering (ICE) assisted Berkeley County with project management and inspection of the project.

The U.S. 176/Nexton Parkway Intersection Improvement project consisted of the following work: connecting Nexton Parkway to U.S. 176; improvements and turn lanes on U.S. 176; and the associated intersection signalization. The signals were activated today with the official opening of Spine Road C (Nexton Parkway Extension).

There are also plans to widen U.S. 176 from two to four lanes with dedicated turn lanes, from U.S. 17-A to the intersection of U.S. 176 and Nexton Parkway/Nexton Parkway Extension. Berkeley County Council awarded the contract for this additional project, known as U.S. 176 Widening Phase I, at the Council meeting on June 28.

With the opening of Spine Road C comes a much-needed third access point to enter/exit the Cane Bay community. The County is proud that through our beneficial One-Cent Sales Tax Program—which funded the U.S. 176/Nexton Parkway Extension and intersection improvements—and through the help of developers like Gramling Brothers we can continue to provide the community critical public safety and infrastructure solutions to traffic congestion; and in this case, help make the commute to work and schools in the Cane Bay area both safer and quicker for all citizens. -Johnny Cribb, Berkeley County Supervisor

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– Prepared by the Berkeley County Public Information Office –

This project consists of improvements to approximately four miles of Henry E. Brown Jr. Boulevard, from Liberty Hall Road to U.S. 52. See map attached. The project will increase capacity, improve safety, and provide bicycle and pedestrian accommodations. The roadway will be widened from a two-lane section to three-lane section that includes a multi-use path, raised landscaped medians, painted medians, and dedicated left turn lanes at key intersections within the project limits. Montague Plantation Road will be widened from a two-lane section to a four-lane section with a multi-use path and sidewalk. Additionally, the project will include major improvements to the intersection at U.S. 52, Montague Plantation Road, and Old Mount Holly Road.

On June 28, Berkeley County Council awarded the construction contract to J.R. Wilson Company for approximately $23 million. Seamon Whiteside designed the project; Infrastructure, Consulting and Engineering (ICE) will be providing project management and inspection. The project is expected to take three years to complete and will start with clearing the new road right-of-way, the installation of erosion control devices, and utility relocations. The public is urged to drive with caution throughout the duration of the project.

This improvement project is funded from the 2008 and 2014 One-Cent Sales Tax Referendums. Bids for the project were received on June 16, 2021.

For construction updates, visit www.BuildingBerkeley.com.

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-Prepared by the Berkeley County Public Information Office-

BERKELEY COUNTY, S.C. (WCBD) – Several parents with students at Cane Bay High School are upset after a limited number of tickets were sold for next Saturday’s homecoming dance, which means their children would not be able to attend.

Parents who reached out to News 2 this week said the homecoming dance will be held in the commons area of Cane Bay High School, which can accommodate 700 students. But they said the problem is the school has more than 2,000 students.

Brandi Norwood’s daughter is a junior at the high school. And because she’s on the cheer team, Norwood said she’s expected to participate in all of the homecoming events next week.

“It feels defeating to them. They’re encouraged by staff and admin to come together, to be involved in school spirit—that’s how you build community, but then for them to be told, ‘There’s not enough room. You can’t go.’”

Except for the main event – next Saturday’s homecoming dance – because she did not purchase a ticket in time.

“I was given a link to buy tickets, and I wasn’t in a hurry. I got off of work the next day and attempted to buy tickets and it was sold out,” said Norwood.

Norwood said the dance is typically held in the school’s commons area and the 700-ticket cap is nothing new. But she said she’s never had an issue with purchasing tickets for her two older daughters in the past.

“We were told that it was first-come, first-serve and that the tickets were sold within a day, and the link had been posted the day before in the middle of the day,” Norwood explained.

She said there was not adequate communication from the school prior to that link being sent out; however, another parent says there was.

“It was put out that there were a limited amount of tickets, get your tickets early. That was put out,” said Kristin Tanner, whose child also attends Cane Bay High School.

Norwood claims one reason tickets may have gone quickly is because they were distributed differently than in previous years.

“Sophomores and freshmen were allowed to buy tickets, which in the past as far as I understand, seniors and juniors were given preference and then so on and so forth,” she said.

Norwood said she, along with many other parents, is simply disappointed.

“I’ve heard from a lot of other parents who have seniors who have bought dresses and have been preparing and can’t go to the dance,” she said.

Other parents say they cannot sympathize with those who bought clothes before buying a ticket to the dance.

“You put the cart before the horse. That’s what I say to that,” Tanner said.

News 2 reached out to the Berkeley County School District and received the following statement:

“Tickets to the Cane Bay High School Homecoming Dance were made available to all students in a fair and consistent manner. While all schools would love the opportunity to welcome the entire school population to an event held in one location of the school, that is not possible due to fire codes and capacity restriction of rooms and spaces,” said Katie Tanner, Chief Communications & Engagement Officer, BCSD.

BERKELEY COUNTY, S.C. (WCBD) – Some residents who live in Cane Bay Plantation say they are frustrated over the lack of lighting on some main roads like Cane Bay Boulevard, specifically in the back of the Berkeley County community where development is relatively new.

One person who we spoke with, and wanted to remain anonymous, said they love living in the neighborhood, but the problem is that they can see very little on the dark roads after the sun sets.

“All they do is give me the runaround. I’ve already contacted everyone,” the resident said.

Frustrated, the resident said she has reached out to the county, community developers, and the homeowner’s association to try and fix the problem.

“When it’s dark like that, and there’s no lighting for miles and miles, somebody’s gonna run into each other. You’ve got high beams coming your way- you can’t see. Or any deer or animal could come out. It’s such long stretches of road,” she said.

The resident believes this is a dangerous problem.

“When you’re trying to come home at night there’s a long stretch of cars behind me and we’re all doing 15 miles per hour because we’re afraid. We can’t see going forward on both sides. It’s like a wilderness. There’s absolutely no light,” she said.

At the front of Cane Bay Plantation, there are regular streetlights in place to keep the road lit up. She wants to see something similar in the rest of the community.

“We love it here,” said Ruben Vacari, who also lives in Cane Bay Plantation. He and his wife have lived in the community since last May.

They enjoy everything about living in the area but agree that some of the main streets in the community are way too dark at night.

“Yes. Driving at night, when we come home in the evenings — when we go to church on Wednesday and Sunday in the evening, it’s dark. Very dark. It would be nice if they did have some streetlamps like they do on the boulevard. There’s a lot of people whose sight is not as good as it used to be,” he said.

Vacari says his builder has been great to work with. He might see if they can help find a solution to the problem as well.

“The builder’s been good to us. He’s come to our aid whenever there’s an issue or anything like that. Maybe this is one thing that they might bring up and take care of.”

News 2 reached out to the county. They tell me the developer would handle lighting in the neighborhood. So, we reached out to Grambling Brouthers, the developer of Cane Bay, and left a message with them.

We also reached out to Associa Carolinas, the management company for the homeowners association at Cane Bay, who said they would have someone get back to us about this issue. We will provide that response here when available.

BERKELEY COUNTY, S.C. (WCIV) — Last Tuesday, there was a meeting within the Berkeley County School District to discuss changing attendance lines within the county because of overcrowding in the Cane Bay area.

Although the measure was not voted on, the problem of overcrowding remains within the area.

Berkeley County as a whole has experienced a 34 percent increase in population over the last decade. That’s the second highest rate of any county in the state.

This is partially due to the popularity of the area’s school system and community. It’s why Cane Bay resident Ashley Hill moved to the area two years ago.

“The reason that I like it here so much is because we have a sense of community and how Cane Bay trails, I get to experience that and golf cars and stuff like that,” Hill said.

But the space has started to become crowded. Since 2010, the Cane Bay population has grown from 1,321 people to 12,362 residents.

Right now approximately 75 percent of the land is permitted for expected build-out.

“They are going up so quickly,” Hill said, “It has grown tremendously. The traffic around here has gotten a lot more aggressive. I believe that even with school days, I mean, just trying to figure out how to get into the elementary school or the middle school because they're so close to each other, it makes it difficult for the people who are trying to go to work.”

Cane Bay currently has 5,941 building permits issued and 510 are under construction.

That means the number of residents may grow even more than the current population of 12,000.

There are also 7,950 entitlements for expected build-out in the Cane Bay area.

So that begs the question: Are Berkeley County officials prepared to deal with the growth in the community?

I took that question straight to Berkeley County Supervisor Johnny Cribb and here was his response:

“In the last several years, there's not a whole lot that we've rezoned or approved, but it's really the entitlements that that are out there.”

Cribb says that he hasn’t approved many building permits during his three years in office. But despite that, there are still thousands of permitted builds that have yet to take place.

So I asked him what his plan for the future was.

“If you look at what's going on in the world right now, anybody pretends to know what's going to happen is they're playing make believe,” Cribb said.

He said that the current market place, partially due to the coronavirus pandemic, has made it hard to predict when build-outs will happen and what the area will look like in the future.

Not satisfied with the answer to my question, I went to other officials to get more answers.

I asked the Cane Bay representative of the Berkeley County Council Caldwell Pinckney about the growth in the community.

He said that council does realize the threat the growth in the area has and it will be dealt with eventually. However, he said it has “not gotten to the point where we have had to sit down and talk about it.”

“Even in the most aggressive scenario, [build-outs are] years away. So two or three years, there's no way you could build out all that out in two or three years,” Cribb said.

When asked if a building moratorium would be considered to slow down some of the developments in Berkeley County ,both Cribb and Pinckney said it wasn’t on the table at this time.

Cribb does say that he believes the main solution, and the focus for him right now, is the roadways around the Cane Bay area.

“You put $65 million to widen 176, $82 million for Nexton I-26 interchange, so people would have their own interchange and doing improvements in the community.” Cribb said, “The biggest thing is, for us, almost three years now I have been relentlessly pursuing what I can control. And it's any new things that come in, and frankly, how can we improve the quality of life for the people that have moved out there who are the ones that created the growth.”

Cribb also said he is working with water and sewer officials to prepare for the influx of houses coming in the area.

One question I did pose to Pinckney was if the county would consider utilizing impact fees to help fund the building of new schools in the Cane Bay area. Pinckney said that he does believe impact fees are in place to an extent, but are not covering the whole budget.

But for residents like Hill, they believe that there is a lot being overlooked which only adds to their concern about the future of Cane Bay.

“I'm concerned with the overpopulation. I do not feel like the county has taken any hasn't thought about with all these, you know, kids that are coming in. Where they're supposed to go.”