The Pool at Hollingsworth
Regulation Crowdfunding
Coming Soon!
Start date: July 20, 2022
End date: August 31, 2022
Welcome! This page provides information about our project. We are collecting indications of interest for a potential capital raise through Regulation Crowdfunding. Please reference important guidance regarding Rule 206 under the Disclosures section below.
Why fund our local story
Highlights
- Earn a financial return while helping create the amenity Hollingsworth Park residents have been waiting for
- Investors get first priority in purchasing a membership
- Built-in membership demand from local residents verified by neighborhood surveys
- Land and complete site work (>$750k value) contributed by local developer, with grading/excavation already underway
- Investments can be made through a tax-advantaged self-directed IRA
Overview
The Opportunity
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The Pool at Hollingsworth Park is an in-demand amenity in a premier neighborhood. Hollingsworth Park is the central residential neighborhood within Verdae, an 1,100 acre residential, commercial and recreational development located minutes from downtown in Greenville, SC.
Surrounding the 20-acre Legacy Park, Hollingsworth Park's smart, flexible master plan comprises diverse housing at varying price points from the $500,000s into the millions. At completion, the community will have more than 950 homes.
As this area continues to grow, so does demand for new places to live, work, and play. While community pools and swimming clubs are extremely popular in Greenville, Hollingsworth Park does not have a pool amenity — until now.
Introducing the Pool at Hollingsworth Park: a fully designed and engineered private pool and swim club that is nearly shovel-ready and could become a reality as early as Summer 2023.
The Location
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The Pool at Hollingsworth Park will be located within walking distance from more than 700 existing residences — with more to come — on easily walkable sidewalks and neighborhood streets.
One of the few remaining places available to construct the Pool at Hollingsworth Park is Crossmoor at Hollingsworth Park, the new 22-lot residential neighborhood at Verdae Crest Drive and Chadsworth Drive. Site construction is already underway and will soon be ready for the pool.
The Project
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Babcock Investment Company, the developer of Crossmoor at Hollingsworth Park, will contribute the three-acre pad-ready pool site, including underground utilities, a parking lot, curbs, sidewalks, and landscaping — worth more than $750,000 — as a gift to jump-start the project.
With a successful capital raise of $1.2 million to fund the pool construction, The Pool at Hollingsworth Park could be open as early as Summer 2023.
Features
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➤ Six-lane Junior Olympic saltwater pool
➤ Sundeck designed for kids, featuring in-floor bubblers
➤ Bathrooms with private showers
➤ Covered and shaded areas for dining and gathering
➤ Wrap-around pool deck with tables, umbrellas, and lounge chairs
➤ Designated concessions area
Business Model
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The Pool at Hollingsworth Park will operate as a not for profit private swim club with a paid memberships revenue model. Memberships provide access to the pool and its amenities.
Under management of its Board of Directors, the swim club will use revenue to support the operations and maintenance of the pool facilities, administer the swim club and pay financial returns to investors. Membership is expected to be capped at 350 members.
Before launching this capital raise, the swim club verified demand for a private pool with an extensive survey of Hollingsworth Park residents. With over 350 residents indicating interest and providing information for membership marketing, it seems the biggest challenge will be deciding who gets to join first!
The Leadership
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The development project is led by Hollingsworth Park resident Chris Babcock and a Board of Directors comprising neighborhood residents with professional expertise in real estate development, construction, financing, marketing and business strategy as well as plenty of local swim team experience.
As a fourth-generation real estate development firm, Babcock Investment Company has developed dozens of residential and commercial projects in Florida, Georgia and South Carolina. All are committed and excited to bringing this in-demand amenity to their neighborhood — truly, investing where they live!
Investment Summary
Proposed Terms
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- This offering is planned as a Term Loan
- Amount: $1,200,000
- Maturity: 7 years after interest-only construction period up to one year (i.e. up to 8 years total)
- Interest rate: 6% per year
As a term loan, the offering is prepayable as the swim club generates cash flow from operations. Membership initiation fees will provide a substantial pay-down in year 1, expected to be ~38% of the loan principal.
Thereafter, the swim club will make scheduled principal and interest payments and excess cash flow payments through the life of the loan, anticipated to significantly pay down the loan before maturity or planned refinancing of the remaining loan balance prior to maturity.
Other Notes:
● Investors will be given first priority to purchase pool memberships.
● The pool and amenities are fully designed with architectural and engineering plans in hand and a nearly shovel-ready site.
● Investments can be made through a tax advantaged self-directed IRA.
● Learn more about our IRA partnership here.
Pro Forma
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Projections have been created and vetted by the Board, and developed with the benefit of comparable pool club's financials and actual bids for services in-hand.
Capital Sources/Uses
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Our People
Chris Babcock,
Developer
Developer
Chris has 24 years of experience in real estate development, entitlement, acquisitions, and dispositions. He is the principal of Babcock Inv..
Spencer Elliott,
Board Member
Board Member
Spencer has 15 years of investment banking, leveraged buyout, and deal management experience. Before moving to Greenville with his family in..
Jade Poe,
Board Member
Board Member
Jade is a Greenville native and a Clemson alumnus. She has an MBA in Business Analytics and 10+ of marketing experience. She was previ..
Ashley Niles,
Board Member
Board Member
Ashley Niles is a native of Greenville South Carolina. She graduated from the University of South Carolina and holds a master's degree in ea..
Jimmy Giorgi,
Board Member
Board Member
Jimmy Giorgi is the COO of Rescom Construction in Greenville, SC. Rescom Construction is a general contractor specializing in commercial upf..
Common Questions
Are there different investment levels and benefits?
Yes. We will announce special benefits of different investment tiers when the capital campaign becomes active.
If I invest in the pool, will I have priority in getting a pool pass?
Yes. Investors will have priority access to purchase pool memberships when they become available for sale.
If I invest in the pool and get a pass, can the pass be transferable if I sell my house?
Terms and conditions of pool memberships will be specified when memberships become available for purchase. We currently expect memberships will be transferable with payment of a transfer fee by the transferee.
How much do I need to invest to get on the priority list for a pool pass?
When the capital campaign becomes active, we expect the minimum investment amount to be $1,000. Investors will have priority access to purchase pool memberships when they become available for sale.
How much will pool membership cost?
Terms and conditions of pool memberships will be specified when memberships become available for purchase. We currently expect memberships to be priced similarly to comparable pool clubs in Greenville, with a $1,500 initiation fee and $550 annual membership fee.
Will you raise all $1.2 million from investors in Hollingsworth Park?
While Vicinity exists to provide local investors the opportunity to invest in their communities, the platform includes investors who live outside Hollingsworth Park and Greenville, SC. Currently, the majority of investment interest in the Pool at Hollingsworth Park is from local residents.
Can you tell me more about the swim team?
Initially, the pool and amenities will be available for recreational use by members of the private pool club and their guests. If there is sufficient interest in forming a swim team at the Pool at Hollingsworth Park, the members may elect in the future to organize a swim team and affiliate with SAIL. Matt Summey is the appointed SAIL representative for the Pool at Hollingsworth Park.
When will applications for pool membership be available?
We expect to offer pool memberships for sale once pool construction is underway. We currently anticipate this will be by Spring 2023.
Docs
Risks
Investing carries general risks, such as losing all the money you invest. Some key risks will be listed below. Additional general and project-specific risks may be detailed here if the Regulation Crowdfunding securities offering goes live.
You can learn more about the risks of investing through Vicinity here.
Disclosures
This is not currently a live securities offering.
- No money or other consideration is being solicited, and if sent in response, will not be accepted.
- No offer to buy the securities can be accepted and no part of the purchase price can be received until the offering statement is filed and only through an intermediary's platform.
- A person's indication of interest involves no obligation or commitment of any kind.
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