Ariel Property Advisors Arranges $5.9M Loan For 60-Unit Multifamily Property In Charlotte

Located at 6295 Rosecroft Drive in Charlotte, NC, this multifamily property spans 65,000 square feet and consists of 60 units. The property was acquired by Scott Regan, Jeremy Knap, and Trevor Melito for a purchase price of $8,402,600.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $8,402,600
• Lender: Greystone - Jason Yuen
• Landlord: Scott Regan, Jeremy Knap & Trevor Melito
• Brokers: Matt Swerdlow & Matt Dzbanek - Ariel Property Advisors

Ariel Property Advisors facilitated an 80/20 joint venture between the Sponsors (Scott Regan, Jeremy Knap, and Trevor Melito) and an NYC-based, mission-driven non-profit organization. The non-profit is dedicated to promoting and preserving affordable housing nationwide. As units in the property turn over, the Sponsors will enforce an 80% AMI (Area Median Income) rent restriction. They also have plans to implement various social mobility initiatives for both the tenants and the broader community. This acquisition marks the Sponsors' sixth property purchase in South Carolina, bringing their total units under management to 350+. J&S Realty LLC and Sandee Road Ventures are actively seeking new investment opportunities in the Mid-Atlantic and Carolinas.