JLL Secures $98.4M Construction Loan For 389-Unit Development Site In Charlotte, NC
2125 North Davidson Street
$98,400,000
$7,155/SF
Building Size
13,751 SF
Asset Type
Development Site
Closing
Jan 18, 2024
AI
A $98.4 million construction loan has been secured by JLL Capital Markets for the development of 2125 N Davidson in Charlotte's Mill District. The project is a mid-rise multi-housing development with ground-floor retail, offering a total of 389 units. The property is located at 2125 North Davidson Street and spans approximately 13,751 square feet.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $98,400,000
- Address: 2125 North Davidson Street
- Market: Charlotte, NC
- Size: 13,751 square feet
- Units: 389
The brokers representing the transaction are Cory Fowler, Ryan Pride, and Travis Anderson from JLL.
Players
Charlotte Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93