BWE Secures $40.3 Million for Construction of Industrial Property in Mount Pleasant, SC

BWE, a national commercial and multifamily mortgage banking company, said it has secured $40,300,000 in construction financing to build Carolina Business Park, a three-building, 483,300-square-foot, Class A commerce/industrial park in Mount Pleasant, SC, part of the Charleston metropolitan area.

Thomas Wiedeman, senior vice president, and Alan Tapie, executive vice president, both in BWE’s Atlanta office, originated the loan, which features a 60 percent loan-to-cost ratio, from a correspondent life insurance company on behalf of Cameron Property Company.

"Despite the lack of liquidity for construction loans right now, we leveraged our relationship with an insurance company with whom BWE has a servicing relationship to secure an attractive loan for our client on this 100 percent spec property," said Wiedeman.

Wiedeman added, "We look forward to working with more clients like Cameron Property Company to bring high-quality industrial developments to strategic locations across the Southeast.”

Situated on 60 acres, the industrial property will consist of three rear-load buildings with clear heights between 32 and 36 feet.

The buildings are also designed with attractive facades so that they can seamlessly blend into the surrounding community.

South Carolina Adopts Permit-Less Gun Carry Law 

On Thursday, March 7, 2024, South Carolina became the 29th state to pass a permit-less carry law after Gov. Henry McMaster signed the legislation.

According to the Columbia, South Carolina, Chamber, any law-abiding citizen 18 years of age or older will be allowed to carry a gun without a concealed weapons permit.

Under the legislation, SLED will provide two free training programs per month for individuals who wish to receive hands-on training, Chamber officials said.

In addition, the bill includes stricter penalties for people who carry guns on property that isn’t permitted, such as hospitals, the officials said.

They added a business owner still has the right to prohibit an individual from entering the establishment by posting a “No Concealable Weapons Allowed” placard. 

OTO Development Opens New AC Hotel by Marriott in Jacksonville, Fla.

AC Hotels by Marriott, part of Marriott Bonvoy’s portfolio of over 30 brands, has opened its newest property, bringing the signature AC Hotel to Florida’s First Coast.

AC Hotel by Marriott Jacksonville St. Johns Town Center — located within Northeast Florida’s outdoor shopping, dining, and lifestyle destination — welcomed its first guests Wednesday, March 6.

The four-story hotel comprises 118 modern guest rooms; a fitness center; 1,500 square feet of flexible meeting space, including a private boardroom; an AC Lounge; and a fresh-air patio, a sparkling pool, and game space.

Spartanburg, South Carolina-based OTO Development, part of The Johnson Group, developed AC Hotel Jacksonville St. Johns Town Center in partnership with Simon, a real estate investment trust engaged in the ownership of shopping, dining, entertainment, and mixed-use destinations.

Project partners are DLR Group, architect and interior designer, and Kellogg & Kimsey, general contractor.

Barnwell’s Lake Edgar Brown Parking Lot, Boat Ramp Closing Due to Lack of Use, Remote Location

Lake Edgar Brown’s parking lot and boat ramp at the end of Napier Road in Barnwell are permanently closing due to lack of use and its remote location, according to the S.C. Department of Natural Resources (SCDNR).

SCDNR’s State Lakes program is erecting an earthen berm around the site and returning the parking lot to a natural state. The berm was expected to be completed by Saturday, March 9.

Other boat ramps are available on Lake Edgar Brown at the north and south parking lots off of Wellington Road — which is the crossroad at the center of the lake — as well as a boat ramp at the far north end of the lake, just off of Black Road.

Lake Edgar Brown is a 100-acre lake providing largemouth bass, bluegill, shellcracker and catfish fishing. A portion of the lake is used for boating and water skiing.

The lake is open 24 hours a day for fishing, and the lake is open a half-hour before sunrise to a half-hour after sunset for all other allowable uses.

SCDNR’s State Lakes program offers fishing access to the public in areas of South Carolina where public fishing is often not easily available.

A list and map of the 16 lakes are available at: SCDNR - State Lakes.

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