LOS ANGELES, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $50 million in financing for the development of Timbers Kiawah – Ocean Club & Residences, a private oceanfront residence club on Kiawah Island in South Carolina.
HFF worked exclusively on behalf of the borrower to secure construction financing from Mosaic Real Estate Credit, LLC, a firm co-founded by industry veterans Ethan Penner and Vicky Schiff.
Timbers Kiawah – Ocean Club & Residences, due for completion in summer 2018, will consist of a total of 21 fractional-ownership residences across three residential buildings, each with six ocean residences on the first three levels and an expansive fourth-floor ocean penthouse. As one of the few remaining oceanfront parcels on the island, the 3.5-acre development site is ideally situated at the end of Beachwalker Drive and Duneside Road on the most southwestern end of the 10-mile, crescent-shaped Kiawah Island Beach. The location offers convenient access to downtown Charleston and nearby shopping and dining amenities located at Freshfields Village, as well as 123 acres of parks, hiking and biking trails, 24 tennis courts and five world-class golf courses.
Units will provide access to a wide range of luxury amenities, including a spacious clubhouse with a central lounge area, owner services team, valet, bar and temperature-controlled owners’ wine wall, state-of-the-art fitness facility and children’s playroom. A private, ocean-front beach club will offer owners a luxurious swimming pool with terraced bar and grill that is steps from the beach. Owners at Timbers Kiawah will be members of the Timbers Collection, offering a host of perks and privileges from some of the most recognized travel and lifestyle partners around the world, as well as the opportunity to trade vacation time with other owners through the Timbers Reciprocity Program and experience destinations throughout the portfolio.
The HFF debt placement team representing the developer was led by senior managing director Paul Brindley, director Cory Fowler and associate director Brad Greenway.
About Timbers Resorts: Timbers Resorts is the developer and operator of a collection of properties in over 15 of the world’s most diverse high-end destinations. The Timbers Collection includes boutique private resorts, hotels and residence clubs in some of the world’s most sought-after ski, golf, leisure and beach locations. Since 1999, Timbers Resorts has been committed to being authentic, unique and respectful of the destination, focusing on family and experiences, and never compromising with regard to quality and service. Owners at properties in the Timbers Collection are granted an ownership experience with expanded benefits through a host of travel and lifestyle partners such as Sentient Jet, Hertz, MedJet Assist and more, as well as access to the Timbers Reciprocity Program and the ability to trade vacation time with other destinations in the portfolio. Current Timbers Collection properties can be found in Napa, Tuscany, Aspen, Steamboat, Vail, Cabo San Lucas, Kaua’i, Sonoma and Scottsdale, among other locations. For more info, please visit www.timbersresorts.com
About Mosaic Real Estate Credit, LLC: Launched in the spring of 2015 by industry veterans Ethan Penner and Vicky Schiff, Mosaic Real Estate Credit, LLC (“MREC”) is an affiliate of Mosaic Real Estate Investors. MREC’s strategy is designed to address the needs of real estate borrowers to provide bridge debt capital to successful real estate entrepreneurs and institutional borrowers aiming to add value to their assets through development, redevelopment and repositioning. MREC’s investment can take the form of a first mortgage loan, as well as mezzanine or preferred equity structures.
About HFF: Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is 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, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.