JV Secures Construction Loan for Charlotte Development
- Mar 27, 2019
Developer Middleburg has received $9.3 million in construction financing to build Mosby University City, a 309-unit apartment community in Charlotte, N.C., in a joint venture investment with The Mattoni Group.
A Walker & Dunlop team of managing directors Telly Fathaly and Elliot Howell advised Middleburg in finding an equity partner.
In-unit features will include 9-foot ceilings, stainless steel appliances, solid wood cabinets, granite countertops, tile backsplashes, Nest thermostats and Bluetooth keyless entry.
Community amenities at the property will include a clubhouse and amenity space, café, fitness center with yoga studio, fire pit and outdoor kitchen, saltwater swimming pool, dog park and pet spa, package locker systems, parking garages and electric car charging station.
“We are thrilled to be entering the Charlotte market with what we are confident is the best site in the University City submarket,” said Kory Geans of Middleburg, in prepared remarks. “We are looking forward to bringing a truly differentiated product to the submarket and benefitting from the expanding jobs and amenity base, as well as the proximity to The University of North Carolina at Charlotte, one of the fastest growing research institutions in the country.”
The Charlotte multifamily market has seen sustained demand due to a growth in population and jobs, according to a Yardi Matrix report. Earlier this week, Wood Partners officially opened a 261-unit luxury multifamily community in the Optimist Park neighborhood of Charlotte.
Image courtesy of Walker & Dunlop