Quality real estate development for a brighter tomorrow.

About Chimney Corner Properties, LLC

Chimney Corner Properties, LLC specializes in real estate development and consulting, covering all aspects of commercial real estate. Its principal, Jim Carswell, has a lifetime of experience covering real estate finance and workout, property development, construction and property management. This experience covers a wide range of real estate types, including large multifamily rental communities, assisted living and nursing facilities for the elderly, affordable housing developments, land acquisition and development, rehab and adaptive reuse, and planned community development. With this experience comes a broad knowledge of various capital resources, including construction loans, permanent loans, bond funding, HUD loans, various tax credits, and not-for-profit grants and loans. For a specialized industry, we provide specialized experience, knowledge, and skill.

Recent Assignments

Workout/Turnaround for a 216 Unit HUD-Insured Apartment Community

Over the course of three years, Chimney Corner served as adviser to the Owner of a 216 unit HF community that ran into major problems when 97% complete. Through negotiations with the Lender, HUD, the General Contractor, and others, we directed the completion of the improvement, put new management in place, oversaw operations through lease-up and stabilization, and negotiated a loan modification that resulted in the project mvogin forward without loss to the Lender and with a continued ownership interest by some of the original principals.

Evaluation and Workout on Bank Subdivision Loans

We were engaged to evaluate two very differend subdivision loans/developments made by a SC Bank. The two loans represented dramatically different situations, and the recommendations made were tailored to those differences. In one case, we negotiated an offer from some of the Guarantors for a purchase of the Property at an amount that represented a recovery over the written down loan amount. In the other, we recommended the Bank support a creative proposal put forth by the Developer to allow completion of infrastructure and preserve value, broadening the marketability of the completed product.

Assisted in Evaluating and Structuring a "Global Solution" for a Non-Profit in Bankruptcy

We were asked to help evaluate strategies available to create a resolution for an affordable housing non-profit that would allow it to emerge from Bankruptcy and move forward with its original mission. This assignment included taking control of the non-profit and selecting a new Board. After meeting with various constituents in the process, the Plan was approved and the entity dismissed from all court actions.

Recent Projects

205 D Morris Way, Seneca, SC

We negotiated the purchase of the note and mortgage from a SC Bank. The project was fully leased to a fraternity, but the Owner had defaulted on the mortgage (despite being paid). We completed the foreclosure, rehabbed and re-tenanted the property, and now have a user in place paying all operating costs on a five year lease. This property is currently being offered for sale locally and on Loopnet.

Egrets Roost, St Marys, GA

We acquired and planned a 10.9 acre marshfront parcel in St Marys, Georgia. The site is protected by a nature preserve to the rear, with views across the creek toward the St. Marys River. All environmental, geotechnical and engineering work was completed. The project is currently on hold, awaiting a rebound in the real estate market.