Capital City Secures $48 Million Construction Loan For 281-Unit Multifamily Project In Charlotte
11015 Education Way
$48,000,000
Building Size
—
Asset Type
MultiFamily
Closing
May 28, 2025
AI
The asset involved in this transaction is a multifamily property located at 11015 Education Way in Charlotte, NC. The project encompasses 3.38 acres and is designed to include 281 units of Class A multifamily housing. A construction loan of $48,000,000 has been secured for its development.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $48,000,000
- Loan Type: Construction
- Address: 11015 Education Way
- Market: Charlotte, NC
- Landlord: Scott Zimmerman & Brent Zimmerman - Capital City
- Broker: Justin Neelis - Concord Summit Capital
- Acres: 3.38
Capital City Real Estate, in collaboration with Pennington Real Estate Partners, facilitated the loan through Concord Summit Capital to advance the development of The Mill, enhancing the NoDa neighborhood's multifamily offerings.
Charlotte MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93