Evolve Crossing Secures $38 Million Construction Loan For 210-Unit Multifamily Project In Burlington
$38,000,000
Building Size
—
Asset Type
MultiFamily
Closing
May 22, 2026
AI
The transaction involves a 210-unit multifamily asset known as Evolve Crossing located in Burlington, NC. The property is a Class A multifamily project and is associated with a construction loan totaling $38,000,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $38,000,000
- Date: 05/22/2026
- Lender: CrossHarbor Capital Partners
- Brokers: Chris Hammel - NorthMarq
- Landlord: Joe McKinney - Evolve Companies
- Units: 210
- Loan Type: Construction
NorthMarq arranged the construction financing through CrossHarbor Capital Partners on behalf of Evolve Companies, highlighting the collaboration among the key players involved in the transaction.
Players
Market 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
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93