New senior project awarded in Florence, SC

Category: Development

The Commonwealth Companies is pleased to announce the funding award for a new project in South Carolina.  Marissa Downs, Senior VP of Development – Southeast Region, has put together an exciting and strategic new project along with Melissa Busse, Development Director, helping put together the successful application.  This is Commonwealth’s second project in South Carolina.

Magnolia Pointe will be a 24-unit rental development for seniors located in Florence, South Carolina and will provide a unique housing opportunity for seniors in the area.  The building layout will offer 2 bedroom/1 bathroom units with individual entries in a single-story building. The design allows for seniors to continue to enjoy a “single-family” feel in their home while offering the easy, maintenance-free lifestyle that a rental community can offer. Located in close proximity to neighborhood amenities, Magnolia Pointe will offer residents easy access to retail services, restaurants, and recreational opportunities.

The financing for the project is unique in that it will not use housing tax credits, but rather a combination of Housing Trust Funds and HOME funds.  Another unique attribute is the project’s strategic location adjacent to our Attwood Pointe community that was completed this summer and is leasing up very well.  There will be great synergy with these projects.