Press Release brought to you by HFF

HFF arranges equity and debt for 221-unit multi-housing development in Charleston, South Carolina


ATLANTA, GA – July 6, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged equity and construction financing for the development of 511 Meeting, a seven-story, 221-unit multi-housing community in Charleston, South Carolina.

HFF worked on behalf of Spandrel Development Partners to arrange a general partnership with Origin Investments and Aspen Heights.  Subsequently, on behalf of the newly created partnership, HFF secured $59.216 million in construction/permanent financing and limited partner equity through Northwestern Mutual.

Due for completion in 2019, 511 Meeting will be situated on 1.6 acres in Charleston’s Upper King Street district, which was ranked by U.S. News and World Report as one of the 10 Best Shopping Streets in the United States.  The property will consist of a blend of conventional and workforce housing units along with 2,000 square feet of ground-floor retail.  Unit layouts will include studio, one- and two-bedroom units ranging from 520 to 1,050 square feet each.  The podium-style building will feature two levels of parking at its base topped with four floors of housing on the east side of the building and six floors of housing on the west side.  First-in-class community amenities will include a resort-style swimming pool and relaxation lounge in the courtyard as well as work space and multi-functional rooms.

The HFF team representing the developer was led by managing director Gregg Shapiro, director Megan Thompson and senior managing director Jason Nettles.

“After assembling a general partnership comprising a top-notch entitlement, development and construction team, we were extremely pleased that Northwestern Mutual came in to provide both the construction financing and limited partner equity to complete this exciting project on the extremely difficult to develop Charleston peninsula,” Shapiro said.

About Spandrel Development Partners
Spandrel Development Partners (“SDP”) pursues opportunities for conversion, capital improvement and ground-up development in targeted U.S. markets with strong and growing economic and demographic indicators.  From intricate mixed-use developments to luxury condominiums, the SDP team’s leadership brings a depth of experience from a variety of project types.  The team draws upon decades of development and transaction success to offer a bold approach in the market and provide quality spaces that are tailored and befit the surrounding community.  SDP principals bring a combined 25 years and over $2 billion of real estate and finance experience to the firm.  Spandrel Development Partners currently has a portfolio of active, institutional grade, mid-rise projects throughout the Southeast.

About Origin Investments
Founded in 2007, Origin Investments (“Origin”) is a real estate investment firm that acquires office and multifamily properties in eight fast-growing markets: Charlotte, Raleigh, Atlanta, Houston, Dallas, Austin, Chicago and Denver.  With offices in Chicago, Charlotte and Dallas, Origin has $600 million in assets under management.  The firm offers its investment opportunities to accredited investors at

About Aspen Heights Partners
Aspen Heights Partners develops and manages a diverse, nationwide portfolio of real estate assets, and is deeply committed to each of its partnering communities.  Since its founding in 2006, Aspen Heights Partners has developed and managed more than 30 purpose-built student housing, conventional multifamily, and assisted living properties, with a robust pipeline of future projects in each of those focus segments.  As the company’s growth continues, so too will its commitment to pushing the bar for innovation and excellence in real estate development and management.  Visit the company’s website at to learn more.

About Northwestern Mutual Real Estate
Northwestern Mutual Real Estate is the real estate investment arm of Northwestern Mutual and one of the largest real estate investors in the nation, with investments in commercial mortgages and equity investments across all major property types, including apartments, office, retail and industrial.  The $41+ billion real estate investment portfolio is composed of approximately 80 percent fixed income and 20 percent equity investments.  Northwestern Mutual Real Estate is a financing source that provides experienced and knowledgeable people, quick and decisive action and flexible, creative solutions.

About HFF
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit or follow HFF on Twitter @HFF



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