Bay Point Advisors Funds $12.4M Mezzanine Loan to McAlister Development for Private Student Housing at College of Charleston
Bay Point Advisors has provided a $12.4 million mezzanine loan to McAlister Development Company, a Charleston-based developer, for a student housing development located at 99 Saint Philip Street and 106 Coming Street. The assemblage is comprised of two parcels spanning two acres, which is the largest open development site on Charleston's lower peninsula. It is adjacent to the College of Charleston campus and across from three existing residence halls.
99 Saint Philip Street was a 63-unit condominium building that is being renovated and converted to 244 student housing beds. McAlister has executed a state lease for the College of Charleston and expects the building to be ready for the Fall 2022 semester.
It was the vision of Anthony McAlister, President and Founder of McAlister Development Company, to improve both the quality and quantity of private student housing options for the College of Charleston. "Every bed built on or adjacent to campus relieves pressure on our valuable neighborhoods," said Anthony McAlister. "The intent of 99 Saint Philip Street is to offer affordable student housing, which has become a crisis level issue for students and parents of the College of Charleston."
"We are pleased to support this development which will ease the current housing shortage at the college. Anthony has a long track record of success in Charleston and the delivery of additional student beds couldn't come at a better time," said Mitchell Dagley of Bay Point Advisors.
About McAlister Development
Since its inception in 1990, McAlister Development Company has operated under the general principle of identifying community needs and executing a solution to fill those needs through creative and sound development practices. The results of the company's focused and community-minded efforts have produced high quality assets and solid returns for community stakeholders. The company has completed numerous successful developments of student housing projects and public parking structures. In addition, the company has developed urban mixed use ventures, along with premium residential condominiums on Kiawah Island and a luxury oceanfront resort in the Turks and Caicos Islands in the British West Indies.
About Bay Point Advisors
Established in 2012, Bay Point Advisors LLC is a privately held firm based in Atlanta, Georgia specializing in customized, secured lending solutions across real estate and other industries, including entertainment, aviation, and natural resources. Since its inception, Bay Point Advisors has originated over $1 billion of privately negotiated loans. For more information, please visit www.baypointadvisors.com.
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