HFF Secures $77M Construction Loan for NC Project
- Oct 20, 2017
HFF secured $76.9 million in equity and debt for Hazel SouthPark, a 203-unit luxury apartment project in the SouthPark submarket of Charlotte. The HFF team worked on behalf of the developer, ZOM Living, and included Senior Managing Director Travis Anderson, Managing Director Justin Good and Senior Directors Cory Fowler and Allan Lynch. The brokers arranged a $30 million joint venture partnership and also secured $46.9 million in construction financing through TD Bank.
Located at 4401 Barclay Downs Drive, on an almost three-acre site, the planned six-story, Class A+ luxury property will include 203 units and approximately 14,000 square feet of ground-floor, high-end retail space. Apartments will average 1,168 square feet and will feature gourmet-style kitchens, stainless steel appliances and quartz countertops, spacious closets, built-in cabinetry and private balconies. Amenities will include:
- a wellness center and spa
- rooftop lounge
- landscaped resort-style pool deck
- entertaining kitchen
- management offices
Hazel SouthPark will be adjacent to the 1.6-million-square-foot SouthPark Mall and directly across from several Class A office buildings and Symphony Park.“With its location in the heart of SouthPark, the property will provide tenants phenomenal walkability to employment, restaurants, shopping and entertainment making it a true live-work-play development,” said Fowler, in prepared remarks.
Hazel SouthPark’s first units will be delivered by the end of 2019, with pre-leasing starting during the third quarter of 2019. ZRS Management has been retained to provide leasing and property management services. CBG Building Co. is the general contractor and Cline Design Associates is the architect of the project. Santander Bank also provided part of the construction financing needed.
Images courtesy of ZOM Living
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