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3h ago

Southern Land Secures $75 Million Three-Year Bridge Refi for Charleston Luxury Apartments

The deal shifts the newly opened property from construction debt to short-term bridge financing.

Amenities at The Society at Laurens include a heated saltwater pool and spa situated on a second-floor deck with views of Charleston Harbor.

Overview

  • Aareal Capital provided the three-year bridge loan to refinance Southern Land Company’s Society at Laurens in downtown Charleston.
  • Walker & Dunlop Capital Markets arranged the financing, led by Walker Layne, Matt Wallach and Stephen West.
  • The new debt replaces a $50.8 million construction loan originated in February 2020 by Fifth Third Bank, according to Yardi Research.
  • The five-story, 148-unit community at 31 Laurens Street offers studios through three-bedrooms, including eight penthouses, with amenities such as a heated saltwater pool, spa and fitness center.
  • The development is Southern Land Company’s first project in Charleston and is positioned as a high-end, walkable rental community in the Ansonborough neighborhood.