CHARLOTTE, N.C. — JLL Capital Markets has arranged $25 million in joint venture equity and $69 million in construction financing for 515 Parkwood Ave, a 287-unit project located in the Mill District region of Charlotte. The complex will comprise 235,480 square feet across eight stories.
Units will come in studio, one-, two-, three- and four-bedroom layouts. Planned amenities include a rooftop deck, courtyard, electric bikes, fitness center, shared dining area and coworking spaces. The property will also feature 2,945 square feet of ground-floor retail space.
JLL worked alongside the developer, a joint venture consisting of Space Craft and Lindgren Development Inc., to secure the limited partner equity commitment through an institutional Japanese investment firm. Additionally, JLL sourced the construction loan for the project.
Travis Anderson, Cory Fowler, Warren Johnson and Chad Lisbeth led the JLL Capital Markets Debt Advisory team that represented the borrower. Naoki Hasegawa of JLL’s International Capital Coverage team provided support with the capitalization.
Construction on 515 Parkwood Ave is scheduled to begin immediately. Swinerton Builders and Timberlab, both affiliates of Lindgren Development Inc., will serve as the general contractor and mass timber subcontractor for the project.