Third & Urban Secures $64.5M Construction Financing For The Pass Residences In Charlotte
530 East Sugar Creek Road
$64,500,000
$248/SF
Building Size
260,000 SF
Asset Type
MultiFamily
Closing
Jun 20, 2023
AI
Third & Urban, a mixed-use developer, has secured $64.5 million in construction financing for the Residences at The Pass, a 335-unit multifamily project located in Charlotte's NoDa Arts District. The property is situated at 530 East Sugar Creek, 4100 & 4212 Raleigh Street, and spans approximately 260,000 square feet.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $64,500,000
- Address: 530 East Sugar Creek, 4100 & 4212 Raleigh Street
- Market: Charlotte, NC
- Landlord: Third & Urban - Hank Farmer
- Brokers: Elliott Voreis & Nate Sittema - CBRE
CrossHarbor Capital Partners served as the lender for the project. They provided the construction loan to finance the development of the Residences at The Pass. This financing will enable Third & Urban to complete the construction and bring their vision to life in Charlotte's NoDa Arts District.
Players
Charlotte MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93