CHARLOTTE, NC - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged joint venture equity and construction financing for the development of Fountains at Ballantyne, a 245-unit, Class A multi-housing development in Charlotte, North Carolina.
HFF worked on behalf of the developer, Proffitt Dixon Partners, to arrange joint venture equity capital with The Carlyle Group. In addition, HFF secured $29.102 million in construction financing for the partnership through TD Bank.
Fountains at Ballantyne will be located at 12135 N. Community House Road just north of Interstate 485 within Toringdon Office Park. Situated in the Ballantyne/Toringdon submarket, the property will be proximate to more than 5.98 million square feet of Class A office space and many large employers, including MetLife, SPX and Snyder-Lance Inc. Due for completion in summer of 2018, the property will have 245 studio, one-, two- and three-bedroom units within a four-story wrapped deck-style building. Units will feature 9’ to 12’ ceilings, expansive master closets, computer niche workstations, pantries and linen closets, stainless steel appliances, stand-up showers, in-unit washers and dryers and balconies/patios. Common area amenities include an 8,000-square-foot clubhouse and fitness center with yoga room; resort-style swimming pool with sun deck; courtyard with gas grills, bar and fire pit; fenced dog park and pet wash station.
The HFF debt and equity placement team representing the developer was led by senior managing director Travis Anderson, director Allan Lynch, managing director Justin Good and associate director Cory Fowler.
“Charlotte’s Ballantyne submarket is one of the most moved-to zip codes in the United States due to the influx of new development and steady job growth,” said Anderson. “Combined with its position within Toringdon Office Park and its proximity to Interstate 485, Fountains at Ballantyne is a unique live-work-play community strategically positioned for healthy lease-up and overall success once completed.”
“With extensive development experience between Proffitt Dixon and Carlyle, the property will benefit from the partnership’s detailed approach to development and the unique urban setting in Toringdon as they deliver the first multi-housing building incorporating structured parking within the submarket,” said Fowler.
“With only 650 units delivered in 2015 and only 570 planned over the next two years, the limited supply of new multi-housing development in the area will further increase the property’s appeal to renters,” added Fowler.
About Proffitt Dixon Partners
Proffitt Dixon Partners (www.proffittdixon.com) is a multifamily investment and development firm with a focus on Class-A apartment communities in the Southeast. The firm has closed transactions valued at over $400 million since 2008 and has an active development pipeline in North Carolina, South Carolina and Tennessee. Proffitt Dixon Partners continues to seek unique opportunities in markets and submarkets with high barriers to entry, solid multifamily fundamentals and strong population growth.
The Proffitt Dixon team has over 40 years of combined urban residential, mixed-use, multifamily development and investment experience in the Carolinas, Florida, Georgia, Alabama and California. The team’s experience spans from the development of high-rise urban projects to suburban multifamily, apartment acquisitions as well as value-add investments. Throughout their careers, the partners have developed more than 7,500 multifamily units valued at greater than $1.5 billion.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF. Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a North Carolina licensed real estate broker.