Payton Mayes Of JPI Secures $132 Million Construction Loan For 440-Unit Multifamily In Durham

This transaction involves a multifamily asset located at Hillsborough Road & La Salle Street in Durham, North Carolina. The development will consist of 440 Class A multifamily units, expanding rental housing in a rapidly growing market near Duke University and Research Triangle Park. The construction financing package totals $132 million, which includes a senior construction loan and preferred equity to support this development, projected for completion in 2028.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $132,000,000
• Lender: Ray Mathoda & JP Ackerman - Anchor Loans
• Landlord: Payton Mayes - JPI
• Market: Durham, North Carolina
• Units: 440
• Loan Type: Construction

The transaction features key individuals such as Ray Mathoda and JP Ackerman from Anchor Loans, who provided the financing necessary for the development. Payton Mayes from JPI acts as the landlord overseeing the project. Their collaboration aims to enhance the rental housing opportunities in one of the nation's leading innovation markets.