Joint Venture Invests in SC Redevelopment
- Sep 14, 2017
Monarch Private Capital and The Sherbert Group closed an equity investment in the Lowenstein Building, a former printing and finishing property that is part of a multi-million dollar redevelopment project in Rock Hill, S.C., dubbed Knowledge Park. The consulting companies set up the Moxie Investment Funds, the joint venture that provided equity and tax credit bridge financing for the Lowenstein Building transaction.
Located at 400 W. White St. on the 23-acre Bleachery site, the five-story asset was built in stages between 1939 and 1954, and it is one of the last remaining structures from the original textile plant, which operated from 1929 to 1998. After renovations, the property will encompass approximately 225,000 square feet of Class A office space. Additional plans include an upscale restaurant and a potential multi-purpose venue to attract various indoor sporting events.
South Carolina’s University Center at Knowledge Park is a $200 million mixed-use development led by the Knowledge Park Leadership Group, a collaboration of public and private leaders from industries including education, business and government. The Lowenstein Building is the first of several phases of redevelopment within Knowledge Park. The Lowenstein rehabilitation project is scheduled for completion in October 2017.
“Monarch, Sherbert and Moxie are excited to play a part in the transformation of the City of Rock Hill and Knowledge Park. The impact of this project and the value to the surrounding community is significant and good for all,” said Robin Delmer, co-CEO & managing director of acquisitions for Monarch Private Capital, in prepared remarks.
Moxie is a historic rehabilitation investment fund focused on investing in development teams and projects in well-established markets by providing federal and state tax credit equity as well as bridge loan financing.
“We are so pleased to be part of this pivotal and visionary master redevelopment. This is a prime example of private and public capital and efforts coming together to make great things happen,” added Tara Sherbert, co-CEO & managing director of Sherbert Group.
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