NC Community Lands $39M Refi

Chaucer Creek Capital, Richardson Properties and Kassinger Development Group will use the loan to refinance Audubon Place, a 342-unit property in Arden.
Audubon Place
Audubon Place

Chaucer Creek Capital, Richardson Properties and Kassinger Development Group have obtained a $39.2 million, 10-year Life Co. loan for the refinancing of Audubon Place, a 342-unit property in Arden, N.C., on the Asheville City line in Buncombe County. CBRE Capital Markets secured the financing, which will be used for interior upgrades to the phase I units and community amenities over the next three years.

Located at 1000 Flycatcher Way on a 32-acre site, the property is less than 1 mile from Interstate 26 and within walking distance from shopping, dining and entertainment options. Asheville Airport, Biltmore Estate, downtown Hendersonville, N.C., and Blue Ridge Parkway are also easily accessible. Built in two phases between 2010 and 2016, the property consists of 17 buildings. Audubon Place encompasses one- to three-bedroom floorplans, averaging 1,020 square feet. Amenities include:

  • 11 garage buildings
  • clubhouse
  • swimming pool
  • outdoor kitchen
  • playground,
  • fitness center

Kristen Reilley, Natte Sittema and Steve Heffner of CBRE Charlotte secured the loan. In February, the same team arranged $42.2 million in financing for the acquisition of The Reserve at Park Place in Morrisville, N.C.

Image courtesy of Yardi Matrix