Lively Farmhouse is a 224-unit, three-story walk-up multifamily project located in Easley, South Carolina, a suburb located 12 miles west of Greenville. Our $5 million preferred equity investment will occupy between 61% and 76% of the capital stack. With more than $8 million of common equity ahead of our investment, the project would need to lose over 25% in value before our investment is at risk. Substantially mitigating repayment risk for our position, this project is anticipated to receive tax credits from South Carolina’s Abandoned Building Tax Credit program. This ground-up development will be completed in partnership with Orange Capital Advisors.
Key Deal Points
OCA is a complete development company backed by its sister company, General Contractor CF Evans, who has a 72-year history and full array of accounting, financial, and construction expertise. CF Evans has constructed more than 13,000 multifamily units, with 7,700 units completed within the last five years. We’re also partnering with OCA on our Lively Drayton Mills investment.
Each building of the project will be fully completed individually, which provides for a truncated development timeline and allows for initial move-in to occur by month fifteen, further reducing interest and operational carry costs.