CHARLOTTE, N.C. — JLL has arranged $100.5 million in debt and equity for the construction of Twelve03 at Centre South, a 329-unit mixed-income community in Charlotte. Boston-based The Fallon Co. is the developer and borrower. The debt was secured through TD Bank, while RXR Realty Investments was the equity source. JLL’s Taylor Allison, Alexis Kaiser and Ryan Mueller handled the transaction.
Led by The Fallon Co. in partnership with Charlotte-based Inlivian, Twelve03 is the first phase of Centre South, a $500 million, 16.7-acre mixed-use development. When complete, the project will include up to 975 apartments, 405,000 square feet of office space, 36,000 square feet of retail, a 180-room hotel and a 1.5-acre green space.
Twenty percent of the project’s residential units will be deed-restricted affordable housing. Twelve03 is a six-story building that features 329 units, 66 of which will be set aside as affordable. Amenities include a sky lounge, a rooftop saltwater pool, coworking spaces, pet spa and a fitness center. The Charlotte Business Journal reports the completion date to be 2028 and the rent restrictions of the affordable units to be 65 and 80 percent of area median income.