Hathaway Development Lands $153M Refi for Southeast Portfolio
ACRES provided the funding.
Hathaway Development received a total of $153.3 million in loan proceeds to refinance three recently-developed multifamily communities in the Southeast. Walker & Dunlop arranged the financing, which consisted of floating-rate bridge loans provided by ACRES. They will refinance the properties’ construction debt.
The three properties—Exchange at Juban in Denham Springs, La., Exchange at Blair Stone in Tallahassee, Fla. and Exchange at Indian Trail in Indian Trail, N.C. account for a combined 876 apartments. They received $44.7 million, $52.4 million and $56.2 million in refinancing, respectively.
The team leading the transaction included Walker & Dunlop Senior Managing Director Stephen Farnsworth, Senior Director Hanes Dunn and Associate Robert Henry.
An inside look at the portfolio
Hathaway developed all three properties and delivered them between 2024 and January 2025.
Exchange at Juban opened last year, and is located at 10293 Cassle Road. It includes 264 garden-style apartments sectioned into one- to three-bedroom living arrangements. On-site amenities include a fitness center, swimming pool and clubhouse. The average unit size is 1,111 square feet, according to Yardi Matrix.
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Exchange at Blair Stone at 3450 South Blair Stone Road offers 300 one- to three-bedroom apartments. The community has 525 parking spaces as well as detached garages.
Community amenities include a business center, fitness center, swimming pool and clubhouse. It’s also within a mile of a Publix supermarket. Yardi Matrix shows that the community began preleasing in December 2024 and is 72 percent occupied as of October.
The largest community in the portfolio, Exchange at Indian Trail, is located at 199 Exchange Circle, approximately 15 miles outside of Charlotte. The community, which finished construction in January of this year, features 312 units across three- and four-story buildings on a 27.15-acre site. The property is managed by Evolve Management Group while the other two are operated by Evolve Property Management.
Earlier this week, Lansing Melbourne Group and Denholtz Properties received a $50 million refinancing loan for NOVI at Concord in Concord, N.C., located 30 miles outside of Charlotte. The three-building property has 300 units and 10,000 square feet of ground-floor retail space.
In February 2025, Hathaway Cos. acquired Water Tower Apartments in Greenville, S.C. for $45.4 million from Urban Realty Partners. The community was completed in 2024 and offers shared amenities including a fitness center with a yoga studio, coworking spaces and a pet spa.
