CHARLOTTE, NC - Concord Summit Capital (“CSC”) has closed a $48 million syndicated construction loan for The Mill, a 281-unit Class A multifamily development located in the heart of Charlotte’s vibrant North Davidson (NoDa) neighborhood. The financing represents a 62% loan-to-cost (LTC) structure.
Justin Neelis, Managing Director at Concord Summit, arranged the financing on behalf of the borrower, Capital City Real Estate. The project is being developed by Scott Zimmerman and Brent Zimmerman of Capital City in partnership with Pennington Real Estate Partners.
Situated on a 3.38-acre site proximate to the Sugar Creek Blue Line LYNX Station, The Mill is strategically positioned to meet Charlotte’s rising demand for high-quality, transit-oriented housing. The project will offer a mix of studio, one-, and two-bedroom units designed for millennials and professionals drawn to NoDa’s eclectic character, strong employment base and walkability.
Residents will enjoy an extensive lineup of upscale amenities, including a pool, fitness center, clubroom, fire pits, dog park, pet spa, co-working and a sky deck with sweeping neighborhood views.
“This closing is the result of strong sponsorship, a well-conceived project, and continued lender confidence in Charlotte’s multifamily fundamentals,” said Justin Neelis, Managing Director at Concord Summit Capital. “We are proud to have played a role in securing financing that will allow Capital City Real Estate to bring this transformative project to life.”
“We are excited to bring this new community to the growing arts district of the Noda neighborhood. Our vision for The Mill was deeply inspired by the rich legacy of Noda’s historic textile mill villages. We sought to honor that heritage by weaving elements of timeless industrial character into a modern living experience,” said Scott Zimmerman.
Zimmerman continued, “This continues to be a challenging capital market for new developments, and we are grateful to CSC for their expertise and persistence in securing the construction financing for The Mill.”
The NoDa district is widely regarded as one of Charlotte’s most desirable neighborhoods, known for its historic charm, cultural energy, and dense collection of restaurants, breweries, and live music venues. Home prices in the area now exceed $495,000, and the population within a 3-mile radius has grown by 38% since 2000, underscoring strong, sustained demand for quality rental housing.
The Mill represents the latest example of Concord Summit’s ability to execute complex financing structures in high-growth urban markets, particularly those aligned with Opportunity Zone strategies and transit-oriented development.
About Concord Summit Capital: Concord Summit Capital is a leading intermediary between sponsors and providers of capital for commercial real estate debt and equity financing. CSC provides three independent services across its investment platform. The Concord Summit Capital Advisory Team provides fee-based advisory services for debt and equity transactions for commercial real estate capitalizations, ranging from $3 million to $1 billion. The Advisory Team has arranged over $23 billion of debt, structured financing, and equity. The Concord Summit Capital Investment Team acquires distressed assets and non-performing loans from all banks and financial institutions across the nation. The Concord Summit Capital Fund Team invests in commercial real estate debt and equity structures in transactions ranging from $2 million to $35 million. For more details, please see www.ConcordSummit.com