Aareal Capital Provides $75M Refi for Charleston Multifamily Property

Southern Land Company, a Nashville, Tenn.-based development firm specializing in residential properties, has secured $75 million to refinance the Society at Laurens, a recently constructed 148-unit luxury multifamily complex in Charleston, S.C.  

Aareal Capital provided the capital to refinance the existing construction debt with a three-year bridge loan. A Walker & Dunlop Capital Markets team of Walker Layne, Matt Wallach and Stephen West arranged the financing, according to a release.

In a statement, Walker & Dunlop’s Layne described the Society at Laurens as “the premier multifamily rental community on the Charleston peninsula” and called the property “unmatched in its proximity and walkability” to the vibrant social life of Downtown Charleston, which includes museums, parks and restaurants. 

“We were honored to handle this complex financing assignment and work with the Aareal Capital team to provide our client with the optimal solution for their long-term business plan,” he added. 

Located at 31 Laurens Street in Downtown Charleston, the Society at Laurens opened last year and stands five stories tall. The property features units from studios to three-bedrooms and includes building amenities such as a saltwater pool, a spa, a fitness center, private parking and self-storage space.  

Founded in 1986, Southern Land Company develops master-planned communities and residential buildings in cities across the U.S. The firm’s properties include the 302-unit Deco residential property in Fort Worth, Texas, the 329-unit Alcott in Philadelphia and an 800-acre master-planned community in Erie, Colo.

Brian Pascus can be reached at bpascus@commercialobserver.com.