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Third & Urban Secures $64.5M Construction Financing For The Pass Residences In Charlotte
FINANCED
$64,500,000
North Carolina
See Similar DealsMultiFamily260,000 SF
Financed 06/20/2023
FINANCED
Third & Urban Secures $64.5M Construction Financing For The Pass Residences In Charlotte
530 East Sugar Creek Road
See Similar DealsMultiFamily260,000 SF
Financed 06/20/2023
Summary
NORTH CAROLINA
Asset Type:MultiFamily
Price Per Square Foot:$248
Total Square Footage:260,000 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$64,500,000.00
Monthly NOI$430,000.00
Monthly Debt Service$407,683.88
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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