HFF Secures Financing for 302-Unit NC Project
- Feb 27, 2017
Charlotte, N.C.—HFF recently announced that it has arranged joint venture equity and construction financing with an affiliate of Creek Lane Capital for the development of Montage, a new luxury development in Charlotte. HFF worked on behalf of developer Proffitt Dixon Partners to arrange joint venture equity with a Chicago-based real estate investment firm. Additionally, HFF secured $47 million in construction financing for the partnership through Pacific Life Insurance Co.
Located at 650 East Stonewall St., the six-story, 302-unit property will take shape on a 2.6-acre site, just off Interstate 277. The project also includes 11,000 square feet of retail space. Situated in Uptown Charlotte’s Stonewall corridor, the area will be home to roughly $2.7 billion in announced developments, including a 47,000-square-foot Whole Foods, located between Bank of America Stadium and Presley Uptown.
“With all of the development activity in the works, the Stonewall area is turning into the newest live-work-play corridor in Charlotte and the Montage is uniquely positioned in the heart of it all. Similar to the Presley Uptown, which was developed by Proffitt Dixon Partners, Montage will offer best-in-class finishes with a unique and thoughtful amenity package,” HFF Senior Managing Director Travis Anderson said in prepared remarks.
Montage will have one-, two- and three-bedroom units averaging 830 square feet. Units will feature 10-foot ceilings, expansive master closets, computer niche/workstations, stainless steel appliances, upgraded fixtures, pantry and linen closets, wood plank flooring and balconies/patios with views of downtown. According to Yardi Matrix data, on-site amenities will include 450 parking spaces, but also a swimming pool, resident lounge, club room, a dog park, multiple courtyards, grilling stations and a fitness center.
Image courtesy of HFF