Equity Plus LLC: Development of Robert Smalls at Midtowne Heights Set to Move Forward

SPARTANBURG, S.C., Nov. 17, 2020 /PRNewswire/ -- A highly anticipated multi-family affordable housing development that will complement two neighborhood revitalization efforts underway in the city of Spartanburg is set to break ground. The developer, New Spartanburg Owner LP, finalized the financing of the project last week.

Robert Smalls at Midtowne Heights will include 190 townhome units, community center, clubhouse, playground & ample greenspace and a recreational trail that will connect to The Dan, Spartanburg's master trail network. Robert Smalls at Midtowne Heights will be located on approximately 18 acres on the City's Northside, which has been transformed in recent years by the Northside Initiative, a comprehensive, community-led revitalization effort. 

The new development will replace the Norris Ridge Apartments, an obsolete post-war housing complex located in Spartanburg's Highland neighborhood. Highland residents and stakeholders recently worked with city planners to create a master revitalization plan of their own that called for the removal of Norris Ridge, a privately owned, federally subsidized complex that has long been beset by high rates of crime. Responding to the wishes and long-term goals of the Highland community, the Robert Smalls development team acquired Norris Ridge in March of this year.

Robert Smalls at Midtowne Heights will provide a new opportunity for current Norris Ridge residents and scores of other families. The $40+ million development will include a mix of 1-, 2-, 3- and 4-bedroom units. Each will include its own front porch, back patio, modern kitchens with appliances, and a washer and dryer. The development's 3,000-sf clubhouse will provide an increased capacity computer center to allow for a range of distance learning, continuing education, and job training/application opportunities. The site is adjacent to the location of the city's planned new police station and within a mile of Downtown Spartanburg's central business, cultural and entertainment district.

Existing Norris Ridge residents will be given first priority for units at Robert Smalls at Midtowne Heights once they open in the fourth quarter of 2021. The project is subject to a project-based Section 8 Housing Assistance Payment (HAP) Contract with the U.S. Department of Housing and Urban Development, which covers 100 percent of the units and provides rental assistance payments to residents.

The project's development team is led by EquityPlus, LLC, an experienced affordable housing developer with offices in Mississippi and Virginia.  R4 provided the Federal LIHTC equity and senior mortgage financing for the project.  CRBT provided the construction bridge financing and 60 West purchased the State LIHTCs.  This is one of the first projects to monetize the South Carolina LIHTC. 

"We are excited to get to this point and we are eager to break ground and start construction," said Avram Fechter, Managing Director of EquityPlus. "The Robert Smalls at Midtowne Heights Townhomes will provide a new start for families who have been stuck in poor living conditions for far too long. Our team is also proud to be able to support the wishes of the larger Spartanburg community with a project that supports two neighborhood revitalization plans. We are committed to building stronger communities and helping families by providing only the highest quality affordable housing, and this project supports those goals."

Contact
Avram Fechter
EquityPlus Manager
[email protected] 
202-236-4402

SOURCE Equity Plus LLC

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