CBRE Arranges $120 Million Loan for Refinancing of 379-Unit Mixed-Use Property in Charleston, South Carolina

CBRE has arranged a $120 million loan for the refinancing of Morrison Yard Residences, a 379-unit multifamily community with 27,608 square feet of ground-level retail space in Charleston.

Nate Sittema, Kristen Reilley and Ben Hardee with CBRE Capital Markets’ Debt and Structured Finance in Charlotte represented the borrower, a joint venture between Woodfield Investments and Argosy Real Estate Partners, in the deal. Northwestern Mutual Life Insurance Company provided the low 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 one-, two-, three-bedroom and penthouse floorplans. The units feature high-end finishes, walk-in closets, built-in shelving and stainless-steel appliances. Community amenities include 1.5 acres of outdoor courtyards, an open-air saltwater pool overlooking Charleston Harbor, a game room and a Bocce court. BODYROK, a pilates-inspired fitness studio, recently signed a lease in the community’s retail space and more retail tenants are forthcoming.

“Morrison Yard saw strong leasing in its initial lease-up, which continued throughout the refinancing closing,” said CBRE’s Sittema. “The fixed-rate term loan provided a creative, pre-stabilized solution ahead of the residential and retail stabilization and will help the borrowers with future leasing expenses and other partnership-level objectives.”

The property is situated on six acres in downtown Charleston along the Cooper River. It is adjacent to the recently delivered Morrison Yard office building and provides residents with a live-work-play lifestyle close to Charleston’s retail, entertainment and recreation attractions, as well as the city’s top employers.