A joint venture between Hillridge Capital and Broad Creek Capital secured a $69.75 million first mortgage loan for the acquisition and renovation of a 298-unit multifamily community in Charlotte, N.C.
Mesa West Capital provided the loan. The financing was arranged by the Eastdil Secured.
The five-year, non-recourse, floating-rate loan is secured by Loft One35, a six-story apartment community located at 135 W. Morehead St. in Charlotte’s South End neighborhood. The property offers a unit mix of studios, one- and two-bedroom apartments, two-bedroom townhomes and loft-style apartment homes. Each unit features stainless-steel appliances, hardwood-style flooring, granite countertops, in-unit washers and dryers and walk-in closets. Community amenities include a resort-style pool, outdoor courtyard with fire pit and barbeque stations, pet spa, coffee bar and bike storage.
A portion of the loan proceeds will be used to fund capital improvements, including exterior pai
