Charlotte Project Lands $94M

A joint venture between Space Craft and Lindgren Development has secured a $94 million financing package backing the development of 515 Parkwood Ave., an eight-story, 287-unit Class A multifamily community Charlotte, N.C.’s Mill District. Construction is slated to begin immediately. JLL Capital Markets arranged the financing.

The financing includes a $25 million limited partner equity commitment from a Japanese institutional investment firm, the identity of which could not immediately be learned, though it was disclosed that this deal is the company’s first real estate investment in the U.S. JLL’s International Capital Coverage team provided support with the capitalization.

JLL also sourced the $69 million construction loan. JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Travis Anderson, Managing Director Cory Fowler, Director Warren Johnson and Analyst Chad Lisbeth. JLL’s International Capital Coverage partner Naoki Hasegawa also assisted the team.

The 235,480-square-foot mid-rise complex will be located in the Mill District, a thriving urban artistic submarket in Charlotte. It will be a short walk from the Parkwood Station Lynx light rail stop, providing an easy commute to Charlotte’s largest employment and entertainment centers, including the Uptown, South End and University City neighborhoods.

515 Parkwood Ave. will include 2,945 square feet of ground-floor retail as well as studios and one-, two-, three- and four-bedroom apartments. The units will have smart technology and feature custom-design elements and exposed mass timber ceilings. Apartments will feature quartz countertops, laminate hardwood flooring and aluminum-clad exterior and wood-clad interior windows.

Community amenities will include a rooftop deck, private courtyard, fitness center, shared dining area, designated coworking spaces and electric bikes.

Swinerton Builders and Timberlab, both affiliates of Lindgren, will serve as the general contractor and mass timber subcontractor for the project.

Earlier projects

Space Craft and Swinerton have teamed up on other projects in Charlotte. In January, Space Craft obtained $132.9 million in debt and equity for the development of 2124 N Davidson, a 389-unit property in Charlotte. The JLL Capital Markets team as well as Hasegawa from the JLL International Capital Coverage group also worked with Space Craft to secure the financing package. The package included a $98.4 million construction loan from TYKO Capital, public records showed, as well as $34.5 million in LP equity placement from a pair of Japanese-based institutional investors. Swinerton is the general contractor on the mixed-use project that is slated for completion in the summer of 2026.

Space Craft and Swinerton have also worked on development of The Joinery, a two-phase, 361-unit mixed-use project located less than a mile from 2125 N Davidson.