Dealmaker: Mesa West Capital Lends $72M to Refinance Suburban Charleston Multifamily
Mesa West Capital, New York, provided Atlanta-based real estate investment firm Audubon with a $71.5 million first mortgage secured by The Cooper, a 344-unit multifamily community in Mount Pleasant, S.C.
Proceeds from the floating-rate financing repaid an existing loan, which included a future funding component to complete ongoing renovations, including the reconstruction of 16 units that were fire-damaged in 2019, prior to Audubon’s ownership.
The Cooper delivered in 1986; Audubon acquired the property in December 2020. Since its acquisition, Audubon has significantly increased cash flow and occupancy through property upgrades and institutional management. Improvements to-date have included the renovation of most of the property’s units along with updates to amenities and an exterior refresh.
“While the property received minimal upgrades prior to Audubon’s ownership, it continued to attract tenants due to its prime location within Mount Pleasant, a premier suburb of Charleston,” said Mesa West Capital Executive Director Russell Frahm, who led the New York-based origination team with Vice President Pamir Niaz. “Additionally, the capital improvements program executed by Audubon strengthened the property’s already competitive position within the submarket, evidenced by strong renter demand and continued rent growth.”
Sitting on 30-plus acres at 331 Harbor Pointe Drive, The Cooper includes a mix of one- to three-bedroom floor plans, all with private patios or balconies. Common area amenities include a resort-style swimming pool, fitness center and dog park. The Cooper sits near the Ravenel Bridge, providing quick access to downtown Charleston. Furthermore, the community offers a short drive to Shem Creek, a waterfront food and beverage destination, and Sullivan’s Island Beach.
CBRE Vice-Chairman Richard Jordan arranged the financing.