JLL Capital Markets has arranged $28 million in equity and a $65.2 million construction loan for The Joinery Phase II, a two-building, 361-unit, mid-rise multi-housing development with 17,384 square feet of ground-floor retail in Charlotte, N.C.
JLL worked on behalf of the sponsors, Space Craft and Swinerton, to arrange equity on CrowdStreet, an online real estate investing platform. More than 480 individual investors on CrowdStreet participated in the equity offering. JLL also worked on behalf of the sponsors to secure the construction loan through Benefit Street Partners.
“The Joinery Phase II swiftly hit the fundraising goal in less than two days, with investors offering more than the $28 million that was needed to fully fund the project,” said Jesse Maas, managing director of CrowdStreet. “The success of the equity offering signals the enthusiasm and growing momentum around Space Craft’s concept: mixed-use buildings designed for density and walkability that