CHARLOTTE, NC - Berkadia announces it has arranged $54.112 million in construction financing for Gateway at Charlotte Park, a new 284-unit market-rate apartment community in Charlotte, North Carolina. Senior Managing Director James Tanner III of Berkadia’s Raleigh office along with Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office secured the financing on behalf of a JV between Miami-based Coral Reef Investment Properties and Greensboro, North Carolina-based Brown Investment Properties.
The Department of Housing and Urban Development originated the 40-year, fixed rate loan at an 85% LTC.
“Charlotte’s diverse economy and quality of life have created one of the most in-demand housing markets in the country,” said Tanner. “As the most populated city in North Carolina, a state that remains one of the fastest growing in the nation, the need for new multifamily housing at market rates is clear. With demand expected to continue, an asset like Gateway at Charlotte Park may see lease-up translate into a successful hold period for the investors.”
“The collaboration among producers in our firm is an extraordinary aspect of working with Berkadia,” added Foschini. “Several years ago when our client, principally a commercial investor approached us about a multifamily development out of state, we knew they would be best served with a team expanding our Miami capabilities. We did not have to look far. Berkadia has among the most talented HUD production teams in the country, and that was evident in this results driven transaction. Working with Jim, we achieved a loan that exceeded not only our client’s expectations, but our own.”
Located at 4551 Charlotte Park Drive, Gateway at Charlotte Park will feature studios, one-, two- and three-bedroom units throughout two 4-story elevator served buildings. Amenities will include Energy Star appliances, granite countertops and washer/dryer appliances, with designated accessible units that will have lowered countertops and workspaces. Community amenities will include a clubhouse, business Center, conference room, coffee bar, package center, fitness center and swimming pool.
The pet friendly community will be situated with proximity to both Billy Graham Parkway, Tryon Street and Interstate Highway 77, affording excellent access to greater Charlotte and the surrounding areas.
Greensboro-based KMW Builders, LLC will be the contractor, with Charlotte-based Housing Studio, PA serving as the architect.