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Developer Duo Secures $120M Refi for Charleston Harbor Rental Community – Connect CRE

by | Feb 13, 2024 | 0 comments

Woodfield Investments and Argosy Real Estate Partners have secured $120 million to refinance the recently completed Morrison Yard Residences, a 379-unit rental project in Charleston. CBRE arranged the loan for the venture, which also includes 27,608 square feet of ground-level retail space.

Northwestern Mutual Life Insurance Company provided a 6% range fixed-rate refinancing loan.

Located at 838 Morrison Dr., Morrison Yard Residences was completed in April 2023. The property comprises a 10-story high-rise and 6-story mid-rise split with 1.5 acres of outdoor courtyards, an open-air saltwater pool overlooking Charleston Harbor, a game room and a Bocce court.

The property is on six acres in downtown Charleston along the Cooper River. It is adjacent to the recently delivered Morrison Yard office building.

CBRE’s Nate Sittema added, “Morrison Yard saw strong leasing in its initial lease-up, which continued throughout the refinancing closing,” said CBRE’s Sittema.

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