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Sign in Sign up for a FREE subscriptionSpace Craft, Lindgren Development venture secure $94m for Charlotte apartment development
A venture between Space Craft and Lindgren Development has secured $25 million of joint venture equity and $69 million of construction financing for 515 Parkwood Ave, a 287-unit, class A multi-housing development in Charlotte, N.C.
JLL worked alongside the venture to secure the limited partner equity commitment from an institutional Japanese investment firm. JLL’s International Capital Coverage team provided support with the capitalization. 515 Parkwood represents the firm’s first real estate investment in the United States. Additionally, JLL sourced the construction loan for the project.
The eight-story apartment complex will be situated in the Mill District, a thriving, sought-after urban artistic submarket of Charlotte. The community will be a short walk away from the Parkwood Station Lynx light rail stop, allowing for an easy commute to Charlotte’s largest employment and entertainment centers, such as Uptown, South End and University City. Additionally, there
