Panorama Holdings Closes $67M Loan for Charlotte Asset
The financing was originated by H.I.G. Realty Credit Partners for a 314-unit property.
Lumeo at Tyron Park
H.I.G. Realty Credit Partners, an affiliate of H.I.G. Capital, has originated a $67 million loan for a 314-unit community in Charlotte, N.C. The financing was provided to Panorama Holdings.
According to Yardi Matrix data, the 314-unit Lumeo at Tryon Park is located at 4011 Tyron Park Road and is 99.7 percent occupied. Panorama developed the property and completed lease-up late last year shortly after construction concluded.
Lumeo at Tyron Park is situated to serve the University City submarket of Charlotte. Residents have access to the Lynx Blue Line, connecting them to the larger Charlotte area. The asset is situated close to the University of North Caroline at Charlotte.
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The community has one-, two- and three-bedroom apartments ranging from 532 square feet to 1,406 square feet, according to the same data. Amenities include a fitness center, clubhouse, pool, pet spa and business center. Individual units have washers and dryers.
Panorama secured a $44.5 million construction loan for the community in 2020 and broke ground in 2019.
The Charlotte multifamily market is experiencing high population growth due to its impressive economy and affordable lifestyle. In 2021, a record number of 11,533 units were added to the market. Despite an increased amount of apartment deliveries last year, as well as another 2,497 units available in the first half of this year, occupancy rates are remaining relatively stable due to the influx of new residents.
