East Central Lofts sells for $12.4 million

The large lettering on one side of East Central Lofts is visible from Interstate 26.

A 72-unit apartment building on the upper peninsula has new owners, and the acquisition group is considering developing an adjacent parcel with more apartments.

Maryland-based Federal Capital Partners, a real estate investment firm already involved in the redevelopment of the historic Cigar Factory several blocks away, has acquired East Central Lofts on Huger Street at the Meeting Street base of the Ravenel Bridge in a joint venture.

Kane Realty Corp. of Raleigh, Randolph Development of Charleston and Canongate Capital, an investment and asset management company in Charleston, joined Federal Capital in the transaction.

The partnership bought the site for $12.4 million, according to Charleston County property records.

The seller was Huger Preoperties LLC, which is led by Spartanburg machinery dealer Greg Atkins.

East Central is made up of one- and two-bedroom loft-style rental units with floor-to-ceiling windows. The 43,000-square-foot building rises four stories, and the large lettering painted on one side of the exterior is visible from Interstate 26. It opened about two years ago.

“FCP is excited to be an early mover on Charleston’s fast-growing upper peninsula,” said Peter Smythe of Federal Capital. “Our plans for this community and the adjoining development opportunity will benefit from the expertise of our partners.”

Detailed plans for the proposed new apartment building next door have not been announced, but the owners are proposing ground-level retail as part of the development.

National real estate brokerage firm Redfin now serves Charleston. Agents are paid a salary and receive bonuses based on customer satisfaction. They do not get commissions from sales.

Stephen Kiner is the local market manager. The firm does not maintain an office in the local area. For information, go to redfin.com.

Foreclosures and mortgage delinquencies continue to fall in the Charleston region, but foreclosures remain slightly higher than the national average.

That’s the conclusion of the latest report from CoreLogic property information service for February.

In Charleston-North Charleston, the rate of foreclosures among outstanding mortgage loans was 1.45 percent in February, a decline of more than half a precentage point from February 2014.

The national foreclosure rate was 1.43 percent, CoreLogic reported Wednesday.

The mortgage delinquency rate for people 90 days or more behind on payments also declined in February for the Charleston market.

CoreLogic reported 3.66 percent of mortgage loans locally were 90 days or more delinquent compared to 4.67 percent for the same month a year ago. The Charleston-North Charleston market remains below the national mortgage delinquency rate of 3.92 percent for February.

Both foreclosures and delinquent payments have fallen every month since January 2014, according to CoreLogic.

Reach Warren L. Wise at 937-5524 or twitter.com/warrenlancewise.