Madison Communities Secures $80M Construction Loan for Charlotte Property
The community will be built in the city’s Lower South End neighborhood.
A rendering of The Garten, which will have 320 market-rate apartments. Image courtesy of Madison Communities
Madison Communities, a Charlotte, N.C.-based firm, has secured an $80 million construction loan to develop The Garten, a 320-unit market-rate multifamily property in the city’s Lower South End, or LoSo, neighborhood.
META Real Estate Partners and Bank of America provided the financing. Patterson Real Estate Advisory Group served as the capital advisor and facilitated the sourcing of the loan. Further details about the financing package were not disclosed.
It was the second closing for Madison Communities within a week. The firm, in partnership with global real estate investment management firm Heitman, closed a $44 million construction loan with First Citizens Bank to develop Madison Bonita Springs, a Class A 252-unit multifamily property in Bonita Springs, Fla. Patterson also facilitated this loan. With construction spearheaded by in-house contractor BenCo, the firm expects to deliver the first units by the third quarter of 2025 and complete the project by late 2025.
Meanwhile, Madison Communities plans to break ground in LoSo in March. The Garten will be located at the intersection of S. Tryon Street and E. Peterson Drive and is expected to be online in 2025.
Madison Communities is an affiliated company of Madison Capital Group, which focuses on building garden-style apartment communities throughout the Southeast.
Building in LoSo
Over the past decade, LoSo has emerged as a hub for innovation and economic growth, with tech companies, financial institutions and employers like Lowes Tech HUB, USAA and Lending Tree moving in. The adaptive reuse of historic warehouses has had a transformative impact on the neighborhood, which has attracted many young professionals. LoSo provides easy access to major transportation arteries, including Interstate 77 and Billy Graham Parkway. The Scaleybark light rail station, which is within walking distance of The Garten, provides access to two of the region’s largest employment centers, South End and Uptown Charlotte.
Located at 4221 S. Tryon St., The Garten will be located behind Olde Mecklenburg Brewery, Charlotte’s oldest brewery. The multifamily project will include dedicated parking to accommodate brewery patrons, enhancing the neighborhood’s social scene. Underscoring its commitment to the neighborhood, Madison Capital Group will relocate its corporate headquarters in Charlotte’s SouthPark edge city to the property directly next to the brewery. The 48,931-square-foot building is the site of an old mill that will be renovated to house the firm’s offices.
The Garten will have a mix of studios and one-, two- and three-bedroom layouts. Amenities will include a cyber lounge, flexible coworking spaces, fitness and yoga rooms, bike storage, outdoor kitchen and grilling areas, a resort-style pool and pool deck lounge area, package lockers and a mail center, as well as a bark park with pet spa.
Madison Communities has already built a multifamily property in Charlotte. In November 2022, the firm began construction of Madison Ashley Park, a 253-unit luxury apartment community situated at the intersections of Wilkinson Boulevard and West Morehead Street. The property is located within 2 miles of Charlotte’s Center City district.
