Source: Broadshore Capital Partners
CHARLOTTE, NC - Broadshore Capital Partners announced that it has closed a $44.5 million senior construction loan to Panorama Holdings for the construction of the 314-unit Lumeo apartment community in Charlotte, North Carolina. Lumeo, at 7100 MacFarlane Blvd, is located adjacent to the University City Light Rail stop offering convenient access to nearby shops, dining and entertainment, as well as a short ride to both UNC Charlotte and Uptown Charlotte.
“Broadshore’s debt program seeks to make stretch senior construction loans on multifamily projects in communities with multiple economic drivers that are being undertaken by experienced developers such as at Lumeo,” said Bleecker Seaman, co-CEO, Broadshore. “This loan expands our long-standing debt program to include multifamily construction lending. Changing market conditions coupled with our company’s expertise in multifamily investing allows us to seamlessly adapt our debt program to multifamily lending where we see the opportunity to provide capital where other lenders have pulled back.”
Lumeo is an urban-style community with residential buildings, club house and outdoor recreation and gathering spaces spread across its approximately 10.1-acre site. The apartments are designed with modern fixtures and finishes. It offers an array of services, including a full-service pet spa, business center, club house and fitness center with yoga studio; and outdoor areas such as a large saltwater pool and sun deck, courtyards with gas grills and fire pit, and community-wide walking trails.
Broadshore has extensive experience in multifamily investment and management built over more than 30 years of investing in markets across the United States. Broadshore’s team draws on this expertise for its debt program which allows the company to quickly evaluate and make loan determinations. Broadshore’s niche is as a non-recourse lender for construction and transitional assets. Broadshore can provide stretch senior and mezzanine financing targeting loans sized in the $10-75 million range for projects throughout the U.S.
“We believe one of the strengths of Broadshore’s lending program is our ability to view the project from the borrower’s perspective,” added Senior Vice President, Chris Miller who led the loan origination.
With multiple multifamily communities and mixed-use projects in Charlotte, Panorama Holdings is a real estate development company aiming to create high-quality and differentiated communities in the most fast-growing markets in the United States. The Lumeo community benefits from its location near the mix of professional businesses, dining and entertainment that comprises Uptown Charlotte as well as being a short distance from UNC Charlotte and the University City sub-market. It also is a transit-oriented community steps away from the University City Boulevard station on the LYNX Blue Line light rail extension. Panorama is currently under construction on Lumeo with occupancy of the first units anticipated to be available in the first quarter 2021 and final completion by the end of 2021.