Mesa West Capital has provided Atlanta-based real estate investment firm Audubon with a $71.5 million first mortgage, floating-rate loan secured by The Cooper, a 344-unit multifamily community in Mount Pleasant, South Carolina, a prominent suburb of Charleston.
Proceeds from the financing repaid an existing loan and feature a future funding component to complete ongoing in-unit and community-wide renovations, including the reconstruction of 16 units that were fire-damaged in October 2019, prior to Audubon’s ownership.
The Cooper was built in 1986 and acquired by Audubon 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 a majority of the property’s units along with updates to the community’s amenities and a refresh of building exteriors.
“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’s 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 further strengthened the property’s already competitive position within the submarket, evidenced by strong renter demand and continued rent growth.”
Sitting on a 30+ acre site located at 331 Harbor Pointe Drive, The Cooper features a mix of floor plans ranging from one to three bedrooms, all with private patios or balconies. Common area amenities include a resort-style swimming pool, fitness center, and dog park. The Cooper is situated near the base of the Ravenel Bridge, providing quick, convenient access to downtown Charleston, and is walkable to nearby retail such as Harris Teeter, Trader Joe’s and Whole Foods. Furthermore, the community offers a short drive to Shem Creek, a waterfront food and beverage destination, and Sullivan’s Island Beach.
The financing was arranged by CBRE’s Richard Jordan out of Atlanta.
