Space Craft, Swinerton Secure $93M for Charlotte Project
The developers landed financing for the second phase of this mixed-use development.
Space Craft and Swinerton are kicking off the second phase of a mixed-use development in Charlotte, N.C.. after landing construction financing and a successful equity raise. The two developers raised $28 million in equity on the CrowdStreet platform and secured a $65.2 million construction loan through Benefit Street Partners. JLL’s Travis Anderson, Cory Fowler, Warren Johnson and Ryan Pride represented the sponsors for both the equity and financing.
The second phase of The Joinery will be a mid-rise multifamily development that spans two buildings. The buildings will total 361 units to be offered in studio, one-, two- and three-bed floorplans that average 629 square feet. The community’s amenities will include a rooftop patio, courtyard, co-working space, electric car and e-bike share and multiple fitness rooms. The developers are also planning to include 17,384 square feet of ground-floor retail that is expected to be leased to boutiques, coffee shops, neighborhood services and local businesses.
Located at 1816 N Brevard St. and 420 E 22nd St. in Charlotte’s Mill District neighborhood, residents will be near many restaurant and retail options, including the Optimist Hall and Lintmen’s food halls. The community is also a block away from Parkwood Station on Charlotte’s Lynx Blue Line light rail.
Jesse Maas, managing director at CrowdStreet, said in prepared remarks that The Joinery project hit its fundraising goal on the platform in less than two days with investors offering more than the $28 million that was needed. Maas added in his prepared statement that the success of the equity raise pointed to the enthusiasm for Space Craft’s model of developing mixed-use buildings designed with density and walkability in mind.
Several projects underway in Charlotte
Maas also said in prepared remarks that the first phase of The Joinery, which opened in the spring, is already showing success and that the demand for the second phase appears strong.
Besides The Joinery, Space Craft is working on several other projects in Charlotte. Partnering with Swinerton again, the company is working on a residential and retail development called The One with The Alleys. Space Craft is also working on a mixed-use development that emphasizes its courtyard design called The One with the Funk and a boutique townhome project with 21 units called The One on the Hill.