PCCP has provided a $62 million senior loan to Woodfield Development, one of the nation’s top 20 developers of Class A multifamily communities, for the refinance of The Radler, a 324-unit, Class A, garden-style multifamily community located at 1100 Warburton Road in Summerville, South Carolina in Downtown Nexton.
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 high-end interior finishes, large units, and 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.
“We believe this loan presented an attractive opportunity to lend to an experienced borrower on an institutional-quality asset within one of Charleston’s popular master-planned communities,” said Scott Nugent, Vice President with PCCP. “Woodfield Development is an experienced, repeat borrower of PCCP, and we are pleased to partner with them on another multifamily financing project.”
The Radler is located in Summerville, directly off the I-26 corridor and within the thriving Nexton Master-Planned Community (MPC), recognized as South Carolina’s most innovative and walkable community. This 5,000-acre MPC is home to more than 10,000 residents and offers 120 shops and restaurants, 2,000 acres of parks and green space, and 15 miles of walking trails. The population within a three-mile radius of the property has grown 13% since 2020 and is projected to continue expanding over the coming years. Charleston has experienced one of the nation’s fastest-growing economies over the past 15 years, with a 52% increase in jobs since 2010 and a labor force growing three times faster than the national average.
PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $25.3 billion in assets under management on behalf of institutional investors as of December 31, 2024. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 27-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $42.9 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital.
