Middleburg JV Lands Financing for Charlotte Luxury Project
Construction is set to begin next month.
A joint venture between Middleburg Communities and KDM Development has obtained construction financing for West CLT, 280-unit luxury community project in Charlotte, N.C.
Trustmark Bank, with CIBC as a participant, originated the note, while Phoenix Capital Partners provided equity investment.
The developers will break ground on the $70 million project next month. Cline Design Associates is the architect of record, according to Charlotte Business Journal, while Middleburg’s subsidiary will serve as general contractor. KDM acquired the site for $7.7 million.
READ ALSO: Staying Afloat: Financing Strategies for 4 Project Phases
Upon completion, West CLT will encompass five buildings with one-, two- and three-bedroom floorplans, averaging about 990 square feet. Common-area amenities are set to comprise a swimming pool, fitness center with yoga studio, dog park and pet spa. Additionally, the Class A community will have coworking spaces and EV charging stations.
West CLT will rise on more than 15 acres at 3309 West Blvd., close to Charlotte Douglas International Airport and part of the West Boulevard Corridor Improvement Plan. Downtown Charlotte will be 5 miles away.
Middleburg’s growing development pipeline
Middleburg acquired, developed and financed more than 28,000 multifamily units across the U.S., exceeding $4.3 billion in transaction volume since 2004.
At the beginning of the year, the company acquired about 30 acres in Wilmington, N.C., for the construction of Hamlet Barclay West, a 280-unit single-family rental project. The community will be a mix of cottages, duplexes and townhomes.
The firm also broke ground on Hamlet Falling Creek, a 260-unit build-to-rent development in Midlothian, Va., after obtaining construction financing from Simmons Bank. Completion is expected in late 2025.
