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West End II in Raleigh, North Carolina
DevelopmentFinanceNewsNorth CarolinaSoutheast

JLL Arranges $85 Million Construction Financing for West End II in Raleigh, North Carolina

by Channing Hamilton

RALEIGH, N.C. — JLL has arranged $33.6 million in joint venture equity and $51.4 million in debt financing for the development of West End II, a 252-unit project underway in downtown Raleigh’s West End neighborhood. Travis Anderson, Warren Johnson, Ryan Pride and Jovi Rodriguez of JLL arranged the equity placement and debt on behalf of the borrower, locally based Kane Realty Corp. The equity partner is an investment fund from South America. The lender is an unnamed national life insurance company. Located at 510 W. Cabarrus St., West End II …

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An unnamed project in Charlotte, North Carolina
DevelopmentFinanceNewsNorth CarolinaSoutheast

Concord Summit Capital Arranges $75 Million Construction Financing for Development in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — Concord Summit Capital has arranged $75 million in financing for the development of a community in Charlotte. Daniel Eidson of Concord Summit arranged the financing on behalf of the borrower, whose identity was not disclosed. The borrower plans to use the funds to refinance the existing land loan and complete construction. Once completed, the community will offer amenities such as a pool and sun deck, rooftop terrace, fitness center, private work and conferencing spaces, a top-floor lounge and kitchen with a bar, garage parking with EV chargers, …

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Accent Southrail in Charlotte, North Carolina
FinanceNewsNorth CarolinaSoutheast

BWE Negotiates $35.9 Million Refinancing for Accent Southrail in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — BWE has brokered a $35.9 million loan for the refinancing of Accent Southrail, a 304-unit community located at 6026 Station Crossing Ave. in Charlotte’s Lower South End district. Alan Tapie, Thomas Wiedeman, Brad Walker and Hanley Long of BWE arranged the three-year, fixed-rate loan through a life company lender. The financing features flexible prepayment options. Westplan Investors was the borrower. Accent Southrail was built in 2021. The project offers one-, two- and three-bedroom floor plans. Amenities include a gym, pool with loungers and Orbit daybeds, clubroom with …

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Poplin Glen in Charlotte, North Carolina
Build-to-RentDevelopmentFinanceNewsNorth CarolinaSoutheast

Tower Capital Arranges $19.1 Million Refinancing for Build-to-Rent Community in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — Tower Capital has arranged a $19.1 million loan for the refinancing of the first phase of Poplin Glen, a 268-unit build-to-rent project in the Charlotte. The borrower was a real estate investment company headquartered in Arizona. The loan replaced a bridge loan that Tower Capital arranged in July 2021 to facilitate the acquisition of the townhomes at certificate of occupancy with the intention to lease all the units. The initial phase of Poplin Glen comprises 99 units and was completed in 2021 and 2022. The community offers …

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Build-to-RentDevelopmentNewsNorth CarolinaSoutheast

Redwood Living Underway on 154-Unit Build-to-Rent Community in Hickory, North Carolina

by Channing Hamilton

HICKORY, N.C. — Ohio-based developer Redwood Living is underway on Redwood Hickory, a 154-unit build-to-rent community in Hickory, 59 miles northwest of Charlotte. Residences will come in two-bedroom layouts ranging from 1,294 to 1,381 square feet. Units will feature vaulted ceilings, bonus living space, attached two-car garages, washer and dryer hookups, full-size appliances and patios. Monthly rents start at $2,099 per month. A construction timeline for the project was not disclosed.

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Build-to-RentDevelopmentNewsNorth CarolinaSoutheast

Stark Enterprises Breaks Ground on Build-to-Rent Community in Bolivia, North Carolina

by Channing Hamilton

BOLIVIA, N.C. — Stark Enterprises, in collaboration with its affiliated companies Stark Living and Arbor Construction, has begun constructing Oak Harbor Village, a 23-acre build-to-rent community in Bolivia, 22 miles southwest of Wilmington, North Carolina. The asset will offer 130 ranch-style and townhome units. Units will come in one- to three-bedroom floor plans. Planned amenities include a clubhouse, fitness center, dog park, playground, pool, sundeck, grilling stations and entertainment areas. The project is slated to complete in the summer of 2025, with pre-leasing slated to begin several months beforehand.

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DevelopmentLeasing & MarketingNewsNorth CarolinaSoutheast

Lansing Melbourne Group, Denholtz Properties Begin Pre-Leasing for 167-Unit Novi Rise in Concord, North Carolina

by Channing Hamilton

CONCORD, N.C. — Lansing Melbourne Group and Denholtz Properties have begun pre-leasing for Novi Rise, a 167-unit community located at 30 Market Street in Concord. The property will rise seven stories. Community amenities include a lounge, fitness center, work pods, conference room, dog wash station and package lockers. Novi Rise will also feature 4,757 square feet of ground-level retail space, which will be leased to Salon Lofts. Novi Rise is scheduled to open on May 15.

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Blu South in Pineville, North Carolina
Build-to-RentDevelopmentInvestment SalesNewsNorth CarolinaSoutheast

JLL Capital Markets Brokers Sale of 551-Unit Build-to-Rent Community in Charlotte Suburb

by Channing Hamilton

PINEVILLE, N.C. — JLL Capital Markets has negotiated the sale of Blu South, a build-to-rent community in the Charlotte suburb of Pineville. Hines U.S. Property Partners purchased the asset from Cornerstone Development for an undisclosed price. The transaction consists of the sale of 365 existing units, as well as the forward sale of 186 units. Casey Sherman and John Gavigan led the JLL Capital Markets Investment Sales Advisory team. Construction on Blue South began in 2022 and is slated for full completion in 2025. At full build-out, the property will feature …

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Westmont Commons in Asheville, North Carolina
Investment SalesNewsNorth CarolinaSoutheast

TruAmerica, Spoke Real Estate Capital Purchase Westmont Commons in Asheville, North Carolina, for $49.9 Million

by Channing Hamilton

ASHEVILLE, N.C. — TruAmerica Multifamily, in partnership with Spoke Real Estate Capital, has purchased Westmont Commons, a 252-unit community in Asheville, for $49.9 million. The seller was not disclosed. Greystone provided a Freddie Mac Optigo loan to finance the acquisition. Rob Russell and Richard Kourbage originated the loan. Westmont Commons was built in two phases in 2003 and 2008. The community offers one-, two- and three-bedroom floor plans. Amenities include a clubhouse with a kitchen and game room, pool with a sundeck, dog park, fitness center and picnic area with …

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Company NewsNewsNorth CarolinaSoutheastVirginia

FCA Management Merges with Bonaventure Property Management Services to Expand Property Management Firm

by Channing Hamilton

CHARLOTTE, N.C. AND ALEXANDRIA, VA. — FCA Management and Bonaventure have merged to create an enhanced third-party property management firm and platform. FCA Management is a third-party property management firm, which is based in Charlotte and serves clients in the southeast and mid-Atlantic. Bonaventure is an asset management firm with a focus on investment, development and construction in the southeast and mid-Atlantic. As part of the agreement, Bonaventure’s Property Management Services will become part of FCA Management, which will manage all current and future Bonaventure market-rate communities. The combined platform …

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