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

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.

For comments, questions or concerns, please contact David Cohen