Boutique Developer Secures $50M Refi For Charlotte-Area Portfolio
The properties are the first of their kind in this major suburb.
Lansing Melbourne Group, a boutique developer specializing in public-private partnerships, and Denholtz, a privately held investment management firm, have obtained a $50 million refinancing loan for NOVI at Concord, a property composed of three interconnected mixed-use communities in downtown Concord, N.C. Argentic Investment Management provided the financing.
The three buildings, NOVI Rise, NOVI Lofts and NOVI Flats, total more than 300 units. They include studio apartments as well as one- and two-bedroom units. The properties also have 10,000 square feet of retail. Located in an opportunity zone, the NOVI buildings are the first mid-rise developments of their kind in downtown Concord, and a component of the ongoing revitalization of the area, according to the Concord City Commissioners and the Cabarrus Economic Development Corp.
The units average 717 square feet and rent for an average of $1,709 a month, according to Yardi Matrix information. Development of the property finished in 2024, financed by a $40 million construction loan provided by Pinnacle Financial Partners.
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Concord is the second largest city in metro Charlotte, seeing its population roughly double in recent decades, from 55,000 in 2000 to 110,000 as of 2023.
Common-area amenities include a fitness center, clubhouse and 75 parking spaces. Unit interiors feature high ceilings and washer-dryers and microwaves in each residence.
Development brisk in Charlotte
The greater Charlotte market has seen vigorous multifamily development in recent years, responding to population growth in the area. During the first half of 2025, some 8,337 units came on line, representing 3.5 percent of existing stock, which is 210 basis points above the national percentage, Yardi Matrix reports.
Moreover, about 18,000 units will come on line this year all together, according to the same source. That would make 2025 the best-performing year for greater Charlotte in terms of multifamily deliveries since at least 2017. Such supply growth has pressured occupancy, which stood at 93.8 percent in May, below the nation’s 94.6 percent average.
Average advertised asking rents in greater Charlotte managed to eke out 0.1 percent growth on a trailing three-month basis through June, to an average of $1,594 a month. The rate was 10 basis points below the national average.
