January 24, 2020 Comments Off on PRC Secures $28M Financing for Development of Charleston MF Property Views: 614 National News, South Carolina, Southeast

PRC Secures $28M Financing for Development of Charleston MF Property

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Phillips Realty Capital has secured $27.8 million in equity financing on behalf of Woodfield Development for the development of Morrison Yard, a 380-unit multifamily community in Charleston’s NoMo neighborhood.

Construction has commenced on the site, which will consist of a 10-story, concrete high-rise building and a six-story wood-framed mid-rise building, each featuring studio, one, two, and three-bedroom floor plans. The complex will feature ground-floor retail, a two-story parking structure, a clubhouse, eight open courtyard spaces, multiple water features and views of Charleston.

Argosy Real Estate Partners (AREP) provided a joint venture equity investment for the property. The project is AREP’s fourth qualified Opportunity Zone investment. The equity investment was structured by Adam Bieber of Phillips Realty Capital.

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