Bay Point Advisors funds $12.4 million mezzanine loan to McAlister Development for private student housing at College of Charleston

ATLANTA–(BUSINESS WIRE)–Bay Point Advisors has provided a $12.4 million mezzanine loan to McAlister Development Company, a Charleston-based developer, for a student housing project 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 which is being renovated and converted into 244 bed student accommodation. McAlister has signed 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 next to campus relieves pressure on our precious quarterssaid Anthony McAlister. “The intent of 99 Saint Philip Street is to provide affordable student housing, which has become a crisis level issue for College of Charleston students and parents..”

“We are pleased to support this development which will solve 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 overarching principle of identifying community needs and executing a solution to meet those needs through creative and sound development practices. The results of the company’s focused, community-driven efforts have produced high-quality assets and strong returns for community stakeholders. The company has completed many successful developments of student housing projects and public parking structures. Additionally, the company has developed mixed-use urban businesses, as well as high-end residential condominiums on Kiawah Island and a luxury beachfront resort in the Turks and Caicos Islands in the British West Indies.

About Bay Point Advisors

Founded in 2012, Bay Point Advisors LLC is a privately held company based in Atlanta, Georgia, specializing in personalized and secure lending solutions in real estate and other industries including entertainment, aviation and natural resources. Since its inception, Bay Point Advisors has issued over $1 billion in privately negotiated loans. For more information, please visit www.baypointadvisors.com.

About Michelle Anderson

Check Also

VA Loan Vs. Conventional Loan: Your Guide

What are the main differences between VA loans and conventional loans? Conventional loans generally have …