Woodfield, Argosy Land $120M Refi for Charleston Community

Morrison Yard in Charleston. Image courtesy of Madison Communities

A joint venture between Woodfield Investments and Argosy Real Estate Partners has secured a $120 million refinancing loan for a 379-unit mixed-use community in Charleston, S.C.

CBRE’s Nate Sittema, Kristen Reilley and Ben Hardee represented the borrower, while Northwestern Mutual Life Insurance Co. provided the low six percent fixed-rate refinancing loan for Morrison Yard Residences. The joint venture previously landed a $100.6 million senior loan from PCCP to help develop the community back in January 2020.

The two companies have since completed Morrison Yard Residences, delivering it in April 2023. The community offers one-, two- and three-bedroom units ranging from 546 to 1,771 square feet with penthouse options available. The units are split between a 10-story high-rise and a six-story mid-rise, and were built with walk-in closets, built-in shelving and stainless steel appliances. The community’s amenities include a saltwater pool, a game room, a bocce court and 1.5 acres of outdoor courtyards. Sittema told Multi-Housing News that the community is currently 77 percent leased.

Located at 838 Morrison Drive, Morrison Yard Residences also offers 27,608 square feet of ground-level retail space, with BODYROK, a pilates-inspired fitness studio, recently signing a lease for part of it.

“Given the dynamic activity in the upper peninsula, Morrison Yard has been a dynamite anchor for new growth in Charleston,” Sittema told MHN. “The retail leasing is naturally following the residential and office leasing activity, and this refinance provides additional capital to the sponsor group to realize the best possible activation for the location and realization of their business strategy.”

Previous projects in the Carolinas

Prior to Morrison Yard Residences, Argosy has had some experience in the southeastern U.S. The company has partnered with Blaze Partners to acquire an extended stay hotel in Charlotte, N.C., with plans to convert it into a market-rate community. Argosy has also acquired Palmetto Exchange, a 252-unit apartment community in the Charlotte suburb of Ladson, S.C.

The company’s portfolio expands beyond the Carolinas, with more than $3.2 billion in assets across the U.S. In May, a joint venture between Argosy and Watermark Cos. opened the 102-unit Canvas at Castle Rock in Colorado. More recently, the company partnered with Larkspur Capital to acquire a nine-acre site in an opportunity zone in Dallas, Texas that will be used to develop a 155-unit build-to-rent townhome community.