NC Student Housing Lands Refi
The Charlotte property hosts more than 750 beds.
SR Real Estate Partners and Circle Squared Alternative Investments have secured $77 million to refinance Junction 49, a new, fully-amenitized 754-bed student housing community in Charlotte, N.C.
Located at 7600 University City Blvd, the property is adjacent to the LINX Blue Line light rail, which offers convenient access to both the University of North Carolina Charlotte campus and downtown Charlotte.
Macquarie Capital Principal Finance provided the loan. The borrower was represented by Cushman & Wakefield. The Equity, Debt & Structured Finance team that worked on the project comprised Gideon Gil, Zach Kraft, Dale Braverman and Travis Prince.
Junction 49 is a 370,883-square-foot property with 12,396 square feet of amenity space. The property offers private and group study rooms on each floor, a lounge area, game room, grab-and-go market, 24-hour fitness center, resort-style pool, hot tub, poolside cabanas, outdoor grilling stations and two courtyards.
According to Yardi Matrix, rental rates are $719 per month per bed. Yardi Matrix projects a 3.5 percent annual rent growth rate for the University of North Carolina Charlotte.
Bustling Charlotte market
This month, construction financing for West CLT, a 280-unit luxury property, was obtained through a joint venture between KDM Development and Middleburg Communities. Trustmark Bank, with CIBC as a participant, originated the note, while Phoenix Capital Partners provided equity investment.
Earlier this month, Inwood Holdings paid $55 million for a 232-unit multifamily property in Mooresville, N.C. Passive Investing sold the luxury asset in a deal brokered by Northmarq. Public records show that the buyer also assumed the outstanding balance of a $34.9 million Freddie Mac loan. Holder of Bank of America Merrill Lynch originated the acquisition note.
Yardi Matrix information shows that the townhome-style community was traded in a Charlotte submarket in May 2020, when the company acquired it from Hawthorne Residential Partners for $50 million.
