PCCP has provided a $62 million senior loan to Woodfield Development, for the refinance of The Radler, a 324-unit, Class A, garden-style multifamily community located at 1100 Warburton Road in Summerville, SC in Downtown Nexton. A mixed-use community is approximately 25 miles north of Downtown Charleston.
Situated on approximately 11.4 acres, The Radler consists of studio, one-, two-, and three-bedroom units spread across seven buildings, each rising three or four stories. The 2024-vintage property offers an array of amenities, including a pool and sundeck, a rooftop sky lounge, a fitness center and outdoor fitness lawn, a spin room, a conference room, co-working spaces, a game room, and a resident lounge. The pet-friendly community also features a courtyard, gas grills, outdoor dining spaces, a pickleball court, an outdoor amphitheater, a bike barn, and electric vehicle charging stations.
The Radler marks Woodfield’s 18th project in South Carolina, adding to over 4,300 units and more than $1 billion in development within the state over the past 15 years.
The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
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Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
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Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
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