LOS ANGELES, CA - Banyan Residential, a Los Angeles-based private real estate investment firm, has landed a $64.5 million construction loan from Wells Fargo to finance construction improvements to Banyan Silo Ridge, a 299 single-family rental community in Wilmington, North Carolina. This marks the firm’s seventh SFR deal nationwide with projects throughout Arizona, Texas, Nevada, and North Carolina.
Banyan Silo Ridge offers a mix of two-, three-, and four-bedroom single-family and townhome-style floor plans. Each home includes first-class finishes, a one- or two-car attached garage, and a private backyard. Located on 75 acres, the community has an expansive amenity suite inclusive of a 4,000-square-foot clubhouse, fitness center, large pool with cabanas, landscaped grounds, and a fenced dog park.
“Wilmington’s population has climbed significantly over the past few years, resulting in a need for an increased supply of apartments and single-family rental properties,” said Ben Brosseau, Founder, Banyan Residential. “We are proud to be delivering a high-end community with five-star amenities to this area, and expanding our footprint in the mid-Atlantic region.”
The development is in an ideal location central to retail, entertainment, destination beaches, employment hubs, and the largest hospital in Wilmington.
Construction is underway, and the first homes are expected to be delivered in Q1 2023. The last phase of homes are slated for completion in Q3 2024. Greystar will handle the leasing efforts.
For more information, please visit Banyan Residential at banyanresidential.com.