Panorama Holdings Lands $45M Loan for Charlotte Project
- Aug 25, 2020
Development firm Panorama Holdings has closed on a $44.5 million construction loan for Lumeo Apartments, a 314-unit residential community in Charlotte, N.C. The transit-oriented development project is located in the University City neighborhood.
The senior construction loan was provided by Broadshore Capital Partners, a real estate investment management and advisory services company headquartered in Los Angeles.
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The project first broke ground last year and is the second multifamily development Panorama has worked on in the Charlotte area. The Charlotte-based firm previously developed the 377-unit apartment community Blu at Northline, a $70 million project developed along the city’s LYNX Blue Line light rail system that connects downtown and the University of North Carolina at Charlotte, according to Business North Carolina.
Lumeo Apartments is situated on a 10-acre site and will offer community amenities including a pet spa, business center, saltwater swimming pool, club house, fitness center and walking trails. The property’s unit mix has not yet been disclosed by the developer. Lumeo is currently under construction, with the first units expected to be delivered in the first quarter of 2021, with a final completion date slated for end-of-year 2021.
Panorama also broke ground last year on a mixed-use property in the Ballantyne Village neighborhood. The 14-story project will include a 186-key AC Hotel by Marriott, roughly 100,000 square feet of Class A office space and a rooftop restaurant and bar. According to the developer, the project will be the tallest development in Charlotte outside of downtown.
Broadshore Senior Vice President Chris Miller led the loan origination team on the transaction. Hal Kempson, a Senior Director of capital markets at JLL, sourced the construction financing on behalf of Panorama.