Audubon Secures $72M Refi for Multifamily Asset in Mount Pleasant, SC

• Audubon has successfully secured a $72 million refinancing deal to support the renovation of The Cooper, a 344-unit community in Mount Pleasant, South Carolina. This deal includes funding for the reconstruction of 16 fire-damaged units at the property.
• Formerly known as Harbor Pointe, The Cooper was constructed in 1986 and acquired by Audubon in December 2020. Since the purchase, the property has seen a significant rise in occupancy and cash-flow due to strategic property upgrades and management efficiencies.

A Major Refinancing Deal for Audubon

Financing was arranged through CBRE’s Richard Jordan and provided by Mesa West Capital, to back the renovations. A second objective of the refinancing was to repay an existing loan and invest in the reconstruction of 16 housing units that were fire-damaged in 2019, preceding Audubon’s acquisition.

New Lease of Life for The Cooper

The Cooper is now 94.2 percent occupied which represents a substantial increase in occupancy since they purchased the property in 2020. The community, which is comprised of one-, two- and three-bedroom units, has been considerably remodeled since the acquisition in 2020. Upgrades include a refreshed exterior, along with renovations to a majority of the units and community amenities. The latter include a pool, fitness center, dog park, fishing ponds, and bike racks, alongside local amenities such as access to downtown Charleston and nearby retail and restaurant options.

Expanding Audubon’s South Carolina Footprint

Audubon continues to expand beyond their initial South Carolina presence, which included Retreat at Waterside, a 378-unit property in Greenville South Carolina, which they acquired in June 2019. The firm has also ventured further into Georgia with the acquisition of the 300-unit Liberty Oaks Apartments in Savannah, which they acquired in April of 2022.

Conclusion

This successful refi proves the strength of Audubon’s value add approach, demonstrating their ability to effectively manage properties and boost occupancy while maintaining cash flow through strategic investments. The continued growth of the company’s portfolio, from South Carolina to Georgia, signifies the potential for further acquisitions within the sunbelt region.