Audubon Lands $72M Refi for South Carolina Community

The Cooper in Mount Pleasant, S.C. Image courtesy of Audubon

Audubon has secured a $72 million refinancing backing the renovation of The Cooper, a 344-unit community in Mount Pleasant, S.C. The property, which was built in 1986 and acquired by Audubon in December 2020, was formerly known as Harbor Pointe.

CBRE’s Richard Jordan arranged the first mortgage, floating-rate loan, which was provided by Mesa West Capital. While the refinancing repaid an existing loan, it also includes a funding component that will go towards completing the reconstruction of 16 units at the property that were fire-damaged in October 2019, prior to the Audubon’s acquisition of the community.

Aerial view of the Cooper. Image courtesy of Audubon

The Cooper offers one-, two- and three-bedroom ranging from 775 to 1,300 square feet in size. The units were built with walk-in closets and private patios or balconies, while select units also feature quartz countertops and full-size washers and dryers. Community amenities include a pool, fitness center, dog park, fishing ponds and bike racks.

Located at 331 Harbor Pointe Drive, the community is situated near the base of Ravenel Bridge and gives residents a five-mile commute to downtown Charleston. The Cooper is near several retail and restaurant options and Sullivan’s Island beach.

Finishing the renovations

After acquiring the community back in 2020, Audubon had extensive plans for rebranding and redeveloping in 24 months. The Cooper saw increased cash flow and occupancy after the acquisition, which was achieved through property upgrades and institutional management. The community is now 94.2 percent occupied. Improvements included a renovation of a majority of The Cooper’s units and upgrades to the community’s amenities, along with a refresh of the building’s exteriors.

For Audubon, The Cooper extends its South Carolina multifamily footprint beyond its 378-unit Retreat at Waterside community in Greenville, S.C., that was acquired in June 2019. Audubon specializes in multifamily properties throughout the southeastern U.S., including in Georgia. The firm acquired the 300-unit Liberty Oaks Apartments in Savannah, Ga. in April 2020.