CBRE Facilitates $14M Loan for Recently Built NC Community

Kristen Reilley and Nate Sittema led capital markets efforts to secure a 10-year, fixed-rate acquisition financing for Beaucatcher Flats in Asheville.
Beaucatcher Flats
Beaucatcher Flats

A few days after securing $33.1 million in acquisition financing for a 332-unit community in Fort Mill, S.C., CBRE Capital Market’s Charlotte team of Kristen Reilley and Nate Sittema has also arranged a $13.8 million acquisition loan for Beaucatcher Flats in Asheville, N.C. The brokers worked on behalf of buyer Chaucer Creek Capital to secure the 10-year, fixed-rate loan for the 2017-built asset.

Located at 128 Florence St., Beaucatcher Flats is less than 1 mile from downtown Asheville and within walking distance of Western Carolina’s largest employer, Mission Health. The 97-unit property includes one- and two-bedroom floorplans, as well as:

  • heated swimming pool
  • courtyard with fireplace
  • pet spa
  • bike storage
  • fitness center

The deal occurred while the community was just completing initial lease-up and the CBRE team structured the purchase with an agency loan that allowed the buyer to attain their targeted leverage and close within the acquisition timeline.

Image via Google Street View

If you’d like to be featured in Brokers’ Corner, send your deal to deals@cpe-mhn.com.