Woodfield Lands $62M Refi for Charleston-Area Property
The property is part of a 5,000-acre master-planned community.
Woodfield Development has secured a $62 million senior loan from PCCP to refinance The Radler, an upscale, 324-unit residential property in Summerville, S.C. The property is located within the mixed-used master-planned community Nexton.
The Radler came online this year at 1100 Warburton Road and comprises seven three- and four-story buildings, spread across 11 acres. The apartments have studio, one-, two- and three-bedroom layouts, ranging from 777 to 1,772 square feet.
Shared amenities at the pet-friendly community include a swimming pool with sundeck, a fitness center, a conference room, coworking spaces, a pickleball court and electric vehicle charging stations.
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The property is just off Interstate 26, near the thoroughfare’s traffic intersection with U.S. Route 17. The Radler is within 2 miles of two shopping centers, including the 265,153-square-foot Azalea Square, anchored by Best Buy and Kohl’s. Downtown Charleston is 24 miles southeast.
More housing in Charleston
The Nexton spans 5,000 acres, enclosing 120 shops and restaurants, 2,000 acres of parks and green spaces, as well as 15 miles of walking trails. The master-planned community features built-to-rent homes for single families and active adults, as well as townhouses.
As of June, Charleston had some 9,000 units across 39 multifamily projects under construction, according to Yardi Matrix data. Development is focused on upscale properties, representing almost the entire underway pipeline.
Last month, Woodfield Development landed a refinancing loan for The Ames, a 304-unit apartment community located at 3800 Zepher Road, adjacent to The Radler. Walker & Dunlop arranged the $50.4 million note, issued by Mesa West Capital.
