Mesa West Capital recently provided a $71.5 million first mortgage, floating-rate loan to Atlanta-based real estate investment firm Audubon for The Cooper, a 344-unit multifamily community in the Charlotte suburb of Mount Pleasant, SC. The financing was arranged by CBRE’s Richard Jordan out of Atlanta and proceeds were used to repay an existing loan and provide funding for renovations including the reconstruction of 16 units that were fire damaged in October 2019.
Audubon acquired The Cooper in December 2020 with plans to significantly increase cash flow and occupancy through property upgrades and institutional management such as renovating most units along with updates to amenities like a resort style swimming pool, fitness center, dog park plus refresh building exteriors. Located at 331 Harbor Pointe Drive this mix floor plan complex offers residents many desirable features.
This $71.5 million refinancing demonstrates Mesa West Capital’s commitment towards providing financial solutions tailored specifically for their clients’ needs while also allowing them access capital necessary for successful investments such as this one located within the Charleston area market .
