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Charleston, S.C. Based Greystar and Its Investment Partners Close $450 Million Fund Focused on Chinese Rental Housing Markets

February 22, 2019 by 0 Comments
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CHARLESTON, SC  – Greystar Real Estate Partners, a global leader in the investment, development, and management of high-quality rental housing properties, together with its investment partners APG Asset Management N.V., Bouwinvest Real Estate Investors, and MIRA Real Estate, part of Macquarie Infrastructure and Real Assets (MIRA), announced the first close of a Greystar-led China-focused fund with US$450 million in equity commitments.

Greystar established its Asia-Pacific rental housing platform (“Greystar Asia-Pac”) with MIRA Real Estate last year and is now joined by APG Asset Management N.V. who intends to support the platform’s rental housing strategy across the region. The platform combines the partners’ substantial relationships and proven track record in the region with Greystar’s deep rental housing expertise to serve as the pre-eminent, vertically integrated owner, developer, and operator of rental housing in Asia-Pacific.

The China-focused fund is the first within Greystar Asia-Pac. The fund will invest in high-quality assets in top-tier Chinese markets with an initial focus on Shanghai, owing to the city’s attractive rental housing supply and demand fundamentals.

“China is an extraordinarily compelling growth market for rental housing investment today and is notably lacking in quality housing for the wave of renter demand driven by the rapid growth of urban market populations and incomes,” said Wes Fuller, leader of Greystar’s global Investment Management business. “Establishing this fund gives us an early mover advantage to implement our unique investment strategy by assembling and operating an unrivaled rental housing portfolio at scale.”

“We are in the process of building a vertically integrated local team with specialists in development, investment and operations unique in this market. The team will be locally managed but supported by Greystar’s global team, network, and capital,” said Charles Ma, Managing Director for Greystar in China. “We will lead in professionalizing the rental housing industry in China and are uniquely positioned to do so. Our investment strategy will allow us to develop a significant rental housing pipeline in China and grow our platform to realize the tremendous opportunity we see in the region.”

Immediately following acceptance of the new capital commitments, the partnership will close on the funds initial investment located in the inner ring of Shanghai. Greystar’s plans include a comprehensive repositioning program to configure the asset into a rental building highly attractive for executives.

“APG is already a long-term investor in rented residential strategies in both Europe and the U.S. We expect this sector to establish itself very quickly as an institutional asset class throughout Asia-Pacific,” said Graeme Torre, APG’s Head of Private Real Estate Asia-Pacific. “Partnering with Greystar and Macquarie at the platform level provides the ability for us to consider the sector on a regional basis. We also see Greystar’s first-class operating capabilities combined with like-minded investors such as APG and Bouwinvest as a distinct head start to the first China development venture.”

“Bouwinvest has extensive experience investing in and managing rental housing, both through our flagship fund in the Netherlands and our international investments globally. This investment in the China multifamily sector builds on that track record and is highly complementary to our recent investment in a rental housing portfolio in central Tokyo,” said Tjarko Edzes, Director for Asia-Pacific Investments for Bouwinvest. “We are pleased to further expand our investment exposure in the Asia-Pacific region, where Bouwinvest has recently opened a local office. We are delighted to partner with both Greystar and APG in this initial venture.

“There is a significant gap in the Asia-Pacific region for quality rental housing provided by specialist managers. Having worked closely with Greystar in the United States and United Kingdom over the last decade, the opportunity to work together across Asia-Pacific and introduce Greystar’s proven expertise and experience is highly compelling,” said Brett Robson, Global Head of MIRA Real Estate. “We are delighted to partner with Greystar, reflecting this being consistent with our strategy of partnering with leading specialist operators around the world.”

Lowcountry

Today is National Margarita Day (Feb 22) – 6 Great Places to Celebrate in the Lowcountry

February 22, 2019 by 0 Comments
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3 Matadors Tequileria – 2447 Ashley River Rd, Charleston, South Carolina

SOL Southwest Kitchen – Mount Pleasant – 1101 Stockade Lane, Mount, Pleasant, SC

Smoky Oak Taproom – 1234 Camp Road, James Island, SC

SOL Southwest Kitchen – Downtown – 385 Meeting Street, Charleston, SC

La Hacienda International Blvd – 5070 International Blvd, North Charleston, SC

Tattooed Senorita – 1846 Old Folly Road, James Island, SC

Lowcountry

Texas Hospital Association Partners with Charleston, S.C. Based Verge Health to Help Healthcare Organizations Ensure Safe Care

February 21, 2019 by 0 Comments
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THA expands endorsement to include Credentialing, Recognizing the Full Value of Verge Health’s GRC Platform

Charleston, SC, February 21, 2019 — Verge Health, the healthcare industry’s leading governance, risk, and compliance (GRC) company, has been exclusively endorsed by the Texas Hospital Association as a partner to help Texas hospitals more efficiently and effectively manage risk to achieve safer outcomes. THA previously endorsed the majority of Verge Health’s Converge Platform and has now expanded that endorsement to include Credentialing, encompassing the entire platform.

The Converge Platform integrates practitioner management, patient and employee safety, and organizational compliance uniting previously siloed departments, data, and processes. A key benefit of the company’s Credentialing module is that it connects with other modules across the platform giving organizations a more expansive and detailed view of risk across the enterprise and bringing them closer to achieving high reliability.

Verge Health’s Credentialing offering pairs software and services, including credentialing services, privilege management, and an integrated practitioner application. The capability to manage the payer enrollment process and incorporate practitioner performance data creates a turnkey practitioner management tool.

“Getting each provider credentialed, and then making sure they are enrolled in every health plan for every location where they practice within a health system, is a cumbersome process, to put it mildly,” says Chris Malanuk, President and Executive over Practitioner Management for Verge Health. “Our integrated solution brings safety, enrollment and credentialing together with an improved and efficient process for practitioners and health systems.”

Verge Health’s Credentialing offering was recognized in the recent 2019 Best in KLAS: Software and Services report, as the #1 Category Leader for Credentialing. This is the first year Credentialing has been included in the Best of KLAS report after 2018’s inaugural “Credentialing 2018 Options Abound” report, in which, of all participating vendors, Verge Health was highly rated by its customers for Primary-Source Verification & Privileging Management.

“Texas hospitals need a reliable solution to manage credentials without repetitious steps or costly downtime. The Verge integrated solution has been a part of the THA Endorsed partner portfolio for many years. While technology offers the promise for even more efficiency in the credentialing process, Verge has remained steadfast and reliable solution for Texas hospitals,” said Lance Lunsford, President and CEO of THA HealthShare.

About Verge Health

Founded in 2001, Verge Health is a healthcare Governance, Risk, and Compliance company offering software and services. Verge Health enables healthcare organizations to proactively protect and defend patients, caregivers, and frontline staff, against errors, adverse events, and policy violations. With over 900 facilities and 500,000 active users, the company’s Converge Platform delivers robust analytics, a comprehensive operational solution, and support for organizations working towards high reliability. Learn more at:  https://www.vergehealth.com.

About THA

Founded in 1930, the Texas Hospital Association is the leadership organization and principal advocate for the state’s hospitals and health care systems. Based in Austin, THA enhances its members’ abilities to improve accessibility, quality and cost-effectiveness of health care for all Texans. One of the largest hospital associations in the country, THA represents 452 of the state’s non-federal general and specialty hospitals and health care systems, which employ some 369,000 health care professionals statewide. Learn more about THA at www.tha.org or follow THA on Twitter at http://twitter.com/texashospitals.

Lowcountry

Wild Dunes Resort Announces Expansion – Adding Luxury Boutique Hotel and Resort Amenities

February 21, 2019 by 0 Comments
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ISLE OF PALMS, S.C.–(BUSINESS WIRE)–Construction is underway to expand Wild Dunes Resort, the acclaimed 1,600-acre oceanfront resort on South Carolina’s Isle of Palms, with the development of a 153-room boutique hotel, new meeting and event space and an array of amenities. The architectural design of the resort additions will complement the existing AAA Four Diamond rated 93-room Boardwalk Inn and The Village at Wild Dunes guestrooms and suites to offer exceptional accommodations and a memorable resort experience, conveniently located just 30 minutes from historic downtown Charleston.

“The new hotel and amenities at Wild Dunes builds on the attributes of this world-class property and allows us to offer a captivating new first-class hotel and meeting experience which will take advantage of the Charleston area’s continued growth,” said Frank Fredericks, managing director of Wild Dunes Resort.

The new hotel at Wild Dunes, designed in a graceful arc overlooking a new pool and new freestanding restaurant, will provide a relaxed yet elegant environment, welcoming guests with a sweeping porte cochere. The new hotel is located adjacent to The Village at Wild Dunes and retail plaza that was added to the resort in 2008. The expansion will bring a host of new facilities to the resort including an 8,000-square-foot ballroom and a 3,000-square-foot ocean view rooftop event space with an outdoor deck offering panoramic ocean views. The new meeting and event space will allow the resort to welcome larger groups of up to 650 attendees. The bright and spacious lobby will offer a bar and lounge for beverages and light fare. Wild Dunes’ existing pool deck will be extended to include a new pool and an upscale casual poolside café. An expansive new spa with 14 treatment rooms and premier fitness center will also be added.

As part of the expansion, Resort access will be reconfigured to create an exclusive, secure entrance for residents and a separate arrival entrance and welcome center for resort guests. The new hotel and amenities are anticipated to open in early 2021.

Wild Dunes Resort offers 2.5 miles of coastline, two Tom Fazio designed Championship golf courses, world-ranked tennis courts, the Boardwalk Inn hotel, vacation rental condominiums and luxury vacation homes. It currently features nine restaurants and cafes, 50,000-square-feet of indoor and outdoor meeting and function space, including the signature Grand Pavilion, fitness center and spa, and retail shops at The Village Plaza.

Wild Dunes Resort is jointly owned by Lowe and Third Palm Capital. Lowe acquired Wild Dunes Resort in 1990 following Hurricane Hugo, restored the Resort and has continued to expand and improve Wild Dunes over the past 28 years. Most recently, Lowe completed a three-year, $10 million renovation of the Boardwalk Inn, Links golf course and clubhouse, Grand Pavilion and Sweetgrass Pavilion event space. In 2018, Third Palm Capital joined Lowe as partner in the Resort to allow for continued improvements and expansion of the property.

About Wild Dunes Resort, A Destination Hotel

Nestled on the northern tip of Isle of Palms, a lush barrier island off the coast of South Carolina, Wild Dunes Resort, A Destination Hotel, is located 30 minutes from the charm and grace of historic Charleston. The Resort occupies 1,600 acres of oceanfront paradise with a variety of accommodations ranging from the AAA Four-Diamond Rated Boardwalk Inn and The Village at Wild Dunes to private condos and luxury home vacation rentals. Offering a year-round menu of championship golf, nationally-ranked tennis, award-winning recreation, spa services and restaurant options, Wild Dunes Resort has been distinguished by many publications and associations as a top destination for families, golfers, tennis lovers, and meeting and event planners. Visit Wild Dunes Resort online on Facebook, Twitter and YouTube.

Media contact:
Karen Diehl, Diehl Communications
310-741-9097
karen@diehlcommunications.com

Lowcountry

CARTA Cuts Ribbon on First of Dozens of Solar-Powered Shelters

February 20, 2019 by 0 Comments
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CHARLESTON REGIONAL TRANSPORTATION AUTHORITY

A Berkeley-Charleston-Dorchester Council of Governments Program

CARTA CUTS RIBBON ON SOLAR-POWERED SHELTER
MARKS COMPLETION OF FIRST PHASE OF LARGE-SCALE AMENITY EFFORT

CHARLESTON, S.C. (Feb. 19, 2019) – Today, the Charleston Regional Transportation Authority (CARTA) cut the ribbon on a new solar-powered shelter at the corner of Dorchester Road and Purcell Drive in North Charleston. The event marked the final installation in the first stage of a large-scale shelter and bench project for the transit system.

Funding for eight shelters and 12 benches along the Dorchester and Ashley Phosphate Road corridors was made available via a $100,000 allocation facilitated by CARTA board member and former North Charleston City Council member Ed Astle when he still served on Council. CARTA staff leveraged the funds to obtain federal grants.

“This area has long needed additional transit amenities, and I’m happy to play an instrumental role, along with CARTA staff, in helping to make that happen,” Astle said.

The perforated steel shelters are equipped with solar batteries that keep them illuminated at night. Their design allows for airflow on hot Lowcountry days.

“These shelters are located in the heart of our service area and will be used by riders going to work, visiting the doctor and making trips to get food,” said CARTA board chairman Mike Seekings. “Now those trips are going to be well-lit, a little easier and a lot more convenient.”

CARTA will continue with installations throughout its service area. More than 60 shelters and 40 benches will be installed as part of the program.

ABOUT CARTA
The Charleston Area Regional Transportation Authority (CARTA) is a public transportation system dedicated to providing affordable transit in the Charleston community through local fixed routes, on-demand paratransit service, and express commuter routes. For the latest on CARTA, visit www.ridecarta.com, like us on Facebook or follow on Twitter at @RideCARTA. All customers are encouraged to plan rides and track buses with the CARTA-endorsed Transit app.

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Lowcountry

New Study Ranks the Top Cities in the U.S. to Open a Restaurant – Where did Charleston rank?

February 19, 2019 by 0 Comments
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A recent report from Bid-On-Equipment, a restaurant equipment sales company, compiled the rankings based on four main factors: annual restaurant sales per capita, restaurants per capita, workforce and median income in each city. The report analyzed those factors for 236 cities in the United States.

Arlington, Virginia was named the best city to start a restaurant in, followed by Ann Arbor, Michigan, Washington, D.C., and San Francisco. Coming in at #21 is Charleston, South Carolina.

Congratulations to Charleston for being named in the Top 25 cities in the United States to open a restaurant out of 236 cities ranked.

Here are the complete results:

Lowcountry

On This Day in Charleston History: Charleston, S.C. surrenders to Union Army, Feb. 18, 1865

February 18, 2019 by 1 Comment
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On this day in 1865, the mayor of Charleston, South Carolina, surrendered his beleaguered city to Alexander Schimmelfennig, a Union Army brigadier general, three days after Gen. P.G.T. Beauregard had ordered the remaining Confederate forces to evacuate the city. On the previous day, Union Army Gen. William Sherman had captured Columbia, the state capital; the all but defeated Confederates saw no feasible way to block his imminent arrival in Charleston.

A northern newspaper reporter portrayed the city on this day as one of “ruins, — silent, mournful, in deepest humiliation. … The band was playing ‘Hail, Columbia,’ and the strains floated through the desolate city, awakening wild enthusiasm in the hearts of the colored people …”

When Confederate troops attacked Fort Sumter in Charleston Harbor on April 12, 1861, President Abraham Lincoln’s fears that events in South Carolina would propel the nation into a civil war were realized. After a 34-hour bombardment by Beauregard’s shore batteries, Army Maj. Robert Anderson surrendered the fort. The inevitable consequence was a war between North and South and claimed some 620,000 American lives over four years.

Charleston had been under a continuous siege by Union forces since July 10, 1863. The bombardment caused major damage in the city. The Union Navy also enforced a blockade of the harbor that shut down most commercial traffic, although some blockade runners got through.

After the Confederate evacuation, Union troops moved into the city and took control of the United States Arsenal, which the Confederates had seized at the outbreak of the war. During the Reconstruction era, the U.S. War Department also confiscated the grounds and buildings of the Citadel Military Academy, using them for more than 17 years to garrison federal troops. In 1882, the facilities were returned to the state; they reopened as a military college and are in use today.

SOURCE: U.S. LIBRARY OF CONGRESS; “CIVIL WAR DAY BY DAY: AN ALMANAC 1861-1865” BY E.B. AND BARBARA LONG (1971)

Lowcountry

SC Works Awards Local Businesses $100,000 For Incumbent Worker Training

February 17, 2019 by 0 Comments
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CHARLESTON, S.C. (Feb. 14, 2019) –  SC Works Trident and its Trident Workforce Development Board has awarded $100,000 to eight local businesses connected to Incumbent Worker Training (IWT) programs. The funds, made possible by the Workforce Innovation and Opportunity Act (WIOA), will support training as each business advances technology, expands and offers new services as part of a layoff aversion strategy.   

“From engineering to environmental services, we’re delighted to see these employers benefit from their commitment to a well-educated, local workforce,” said BCDCOG Executive Director Ron Mitchum. “These dollars mean a great deal to our mission of preparing tomorrow’s workforce for the demand of the region’s growth sectors.”

Businesses receiving funds through the $100,000 grant include Levy Environmental Services-Charleston Mill, Equiscript, LLC, Life Cycle Engineering, AHT Cooling Systems USA, CECA, Voith Syn-Strand, Thrace-LINQ and Argos. For more information on SC Works and its Trident Workforce Development Board, visit www.tridentscworks.org.  

About SC Works Trident

SC Works helps individuals find their dream career at any age and any stage of their lives, and is comprised of one-stop centers in Berkeley, Charleston and Dorchester counties. SC Works Trident offers a variety of services to help employers and job seekers meet their workforce development needs.  For the latest on SC Works, visit tridentscworks.org and like us on Facebook.

A program of the Berkeley-Charleston-Dorchester Council of Governments.

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Lowcountry

Charleston, South Carolina selected for Global Leadership Exchange

February 13, 2019 by 0 Comments
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NORTH CHARLESTON, SC – South Carolina Federal Credit Union has chosen Charleston, SC to be the host city for its inaugural DE TEACH Global program from March 1-15, 2019. As part of its efforts to facilitate global dialogue around organizational leadership and talent retention, DE TEACH Global Program will promote cultural diversity and inclusion among cohesive teams engaged in high team performance.

Troy Hall, Ph.D., Chief Strategy Officer for South Carolina Federal, created the cultural leadership event in partnership with Konstantin Comeros, Area Director for credit union development at VICTO National in the Philippines.

“Dr. Troy,” as he is known in his industry, travels the globe speaking and consulting with C-level executives about emerging trends in how to retain talent and transform the work space into a culture of cohesion. Dr. Troy and Mr. Comeros will conduct a series of business meetings for local CEOs and their teams from all business sectors. These exchange events are intended to explore and discover concepts from both the U.S. and Asian markets on how to apply practical leadership principles to create a sustainable and successful culture that retains top talent and drives team performance.

“In today’s competitive environment, we cannot take for granted that once we onboard someone new to our team that we are done with their development. It is imperative that senior leadership, in conjunction with their H.R. team, be involved and intentional in retaining top talent”, shared Scott Woods, CEO of South Carolina Federal. “We are honored that Charleston business leaders and executives will help play a global role in this leadership exchange,” he added.

C-level executives and founders who are dedicated to talent retention are invited to join Dr. Troy and Mr. Comeros at one of their events. Seating is limited. Send inquiries to Laura Morris.