Northwood Ravin has secured refinancing for its 823-unit community in Charlotte, N.C. KKR provided the five-year permanent loan for The Village at Commonwealth that was funded from separate accounts managed by KKR. CBRE’s Nate Sittema, Kristen Reilley, Grant Harris and Elliot Voreis represented Northwood Ravin in the loan.
Sittema said in prepared remarks that there was significant interest in this refinancing from different types of capital providers. He added that there was high liquidity seen throughout this year with the debt capital markets targeting high-quality multifamily properties.
The Village at Commonwealth offers studio, one-, two- and three-bedroom units and townhomes that range in size from 616 to 2,110 square feet. The multifamily community was built with a coworking space, dog daycare, beer garden, barista bar, resident game rooms, several fitness areas and two pools.
Located at 1308 Lorna St., The Village at Commonwealth is roughly 3 miles away from downtown Charlotte. The community is also located near several neighborhood attractions like the 19-acre Veterans Memorial Park and the Bojangles Coliseum.
RENTERS LOOKING FOR MORE SPACE
According to CBRE, renter demand is trending towards wanting more space and quality of life features, which benefits Northwood Ravin’s large community and its infill location. The renter demand has created strong fundamentals at The Village at Commonwealth, which has led to sustained rent growth at the community compared to other similar properties in the market, according to CBRE.
Outside of The Village of Commonwealth, Northwood Ravin’s portfolio includes several other communities in Charlotte and other North Carolina cities like Chapel Hill and Huntersville. While the majority of the company’s portfolio is in North Carolina, Northwood Ravin also has properties in Virginia, Texas, Florida, Georgia and Tennessee. The company also filed plans for a 330-unit mixed-use community in Nashville in August 2020.