Portman, National Top Out Charlotte Luxury Tower
Wells Fargo provided a $124 million construction loan.
Portman Holdings and National Real Estate Advisors have topped out Linea at the Line, a 25-story, 370-unit luxury multifamily project in Charlotte, N.C. The venture benefited from a $123.8 million construction loan originated by Wells Fargo Bank, according to Yardi Matrix data.
Construction broke ground in March 2023. Pre-leasing is expected to commence in June 2024, while first units are slated for delivery in February 2025.
The development will include studio and one- to three-bedroom floorplans, as well as lofts and penthouses. Amenities will feature a rooftop pool, a pet spa, a game room, a climbing wall, fitness centers, a concierge service and coworking spaces. The ground floor is scheduled to comprise retail space occupied by True Food Kitchen, Night Swim Coffee and BAR ONE South End.
The project resides next to The Line, a 16-story mixed-used development, which was also co-developed by National and sold later in 2022 to a joint venture including CBRE and Portman. Linea also has direct access to The Line’s street-level retail.
Charlotte’s towering heights
Located at 2161 Hawkins St. in Charlotte’s South End district, the structure is roughly 3 miles from interstates 77 and 277, as well as U.S. Route 74. Two of the metro’s largest employers, Atrium Health and Wells Fargo, are less than 2 miles from Linea. The SouthPark Mall, one of the most profitable malls in the country featuring close to 1.7 million square feet of retail space, is some 5 miles away from the property.
Having 35,258 units underway as of November 2023, according to a Yardi Matrix report, Charlotte’s development pipeline remains steady. A total of 8,238 units came online year-to-date through November, already surpassing 2022’s total of 6,450 apartments.
Currently Portman has more than 1,000 units under construction in the market, across two properties, according to Yardi Matrix. The firm is also erecting Savona Residences, the largest development underway in Charlotte, a 650-unit project that broke ground in 2022, the same source reveals.
