Charlotte-Area Community Secures $20M Financing
- Jan 15, 2019
Blue Heron Asset Management secured $20.2 million in acquisition financing for The Linden, a newly developed, 162-unit apartment community in Davidson, N.C. HFF worked on behalf of the borrower to secure the Fannie Mae loan through M&T Realty Capital Corp.
Blue Heron acquired the property for $28.5 million in December from Lat Purser & Associates, according to Yardi Matrix data.
The Linden is situated in the Charlotte, N.C. suburb of Davidson and provides easy access to Lake Norman and walkability to shopping and dining in downtown Davidson as well as Davidson College. The property is located in close proximity to the headquarters of several major employers, including MSC Industrial Supply Co., Ingersoll Rand and Lowe’s.
The community offers a mix of studio, one- and two-bedroom units averaging 860 square feet, along with more than 5,800 square feet of fully leased ground-floor retail. Community amenities at the property include a swimming pool, grilling area, firepit, athletic club, coffee bar, library, conference room and corporate suites.
The HFF team representing the borrower consisted of Senior Director Roger Edwards. Loan origination by M&T Realty Capital Corp. was led by managing director Robert Ryan.
Last year, Blue Heron closed on a construction loan for Foster on the Park, a boutique mixed-use project now under construction in Durham, N.C.
Images courtesy of HFF