Southern Land Co. Refinances Charleston Community With $75M
Walker & Dunlop arranged the financing.
Southern Land Co., a Nashville, Tenn.,-based national real estate developer, has refinanced the newly built Society at Laurens, a 148-unit luxury apartment community in downtown Charleston, S.C., with a $75 million loan from Aareal Capital. This is the company’s first development in Charleston.
A Walker & Dunlop Capital Markets team led by Walker Layne, Matt Wallach and Stephen West served as exclusive advisors to SLC and arranged the three-year bridge loan. The new funds replace the $50.8 million construction loan originated in February 2020 by Fifth Third Bank, according to Yardi Research Data.
Construction started on the three-building, 167,000-square-foot property at 31 Laurens St. in the city’s Ansonborough neighborhood in March 2020. The mid-rise asset located on a 1.78-acre parcel opened earlier this year.
Society at Laurens offers studios, one-, two- and three-bedroom residences, as well as eight penthouses. Units range in size from 572 to 2,739 square feet, with an average of 1,139 square feet. Rents go from $2,932 to $7,874, with an average of $5,399, according to Yardi Research data.
Amenities in Ansonborough
The units have open-concept living spaces with chef-inspired kitchens, ample natural light and modular walk-in closets. Designer features and finishes include Restoration Hardware pendant lighting, Calacatta quartz countertops and matte bath flooring, as well as under-cabinet lighting. Many residences have freestanding kitchen islands, dual vanities with accent lighting, terraces and Charleston Harbor views.
The property has concierge services, controlled access and package lockers with 24/7 access. Community amenities include a fitness center, heated saltwater pool and spa on a second-floor deck with harbor views, private cabanas and outdoor social gathering space with a fireplace. Society at Laurens also features The Blue Palm, a meeting place for residents to gather with friends or when working from home that is equipped with a full kitchen and bar. The property also has a Wi-Fi-enabled boardroom.
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Located in Charleston’s historic downtown district, residents can walk to a variety of restaurants, shops, galleries, parks, museums and cultural attractions, including the Charleston Gaillard Center, the International African American Museum, Gadsenboro Park and the South Carolina Aquarium.
Other SLC projects
SLC is a privately held, full-service real estate development company founded in 1986. The national firm focuses on single-family, multifamily and mixed-use developments as well as master-planned communities.
In October, SLC opened Josephine, a 255-unit, 27-story luxury tower in Philadelphia that had been under construction since 2022. The developer topped out the tower in 2023. The property is built on the site of a former parking lot at 1620 Sansom St., within walking distance of Philadelphia City Hall and Rittenhouse Square. Floorplans include studio, one- and two-bedroom layouts, as well as penthouses. Earlier that year, the firm opened The Laurel, a 48-story tower located less than a mile from Josephine. The project at 1909 Walnut St. includes 1909 Rittenhouse, a 184-unit multifamily community located on the third through 25th floors, as well as The Laurel Rittenhouse Square, a 65-unit condo component on the upper floors.
Also in 2024, SLC broke ground on a 337-unit, mid-rise multifamily community in downtown Las Vegas that is slated to include three seven-story buildings totaling more than 530,000 square feet. The project will also feature 8,500 square feet of ground-floor retail and restaurant space. Completion is expected later this year.
