Ares Real Estate Secures $69.4M Construction Loan From United Bank For 341-Unit Multifamily Development

The property asset involved is a multifamily development located at 1817 Central Avenue in Charlotte, NC, comprising 341 units. The total loan amount for this construction project is $69,400,000. The asset is classified as Class A and is situated within the Plaza Midwood area.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $69,400,000
• Lender: United Bank
• Landlord: Ares Real Estate
• Brokers: Travis Anderson, Nick Thornton & Kate Rathman - JLL
• Loan Type: Construction

The financing for this deal was arranged by JLL Capital Markets, representing Ares Real Estate, highlighting the collaboration between the entities involved in facilitating the construction loan for the development at 1817 Central.