Joint Venture to Develop 120,000 SF Community in Charleston

CHARLESTON, S.C. — A joint venture between Alex. Brown Realty Inc. (ABR), Wakefield Capital and Affinity Living Group has announced development plans for Indigo Hall, a 120,000-square-foot seniors housing community on James Island in Charleston.

Indigo Hall will offer 116 assisted living units and 40 memory care units, as well as rehabilitation and therapy services. The Class A facility is scheduled for completion in June 2018.

ABR Chesapeake Fund V, a real estate fund sponsored by ABR, invested approximately $10.1 million in the venture. BBVA Compass is providing financing for the project.

Affinity and Wakefield are developers, owners and operators of seniors housing properties. The project represents the first joint venture between an ABR-sponsored investment program and Wakefield/Affinity.

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