JLL Secures $94 million of capital for Charlotte apartment development

CHARLOTTE, Sept. 9, 2024 -  JLL Capital Markets announced today that it has arranged $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, North Carolina.

JLL worked alongside the developer, a venture between Space Craft and Lindgren Development, Inc. ("Lindgren"), 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 sub-market of Charlotte. The community will be a short walk away from 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 is a wide range of grocery stores, dining establishments, parks and vibrant nightlife venues in close proximity, providing ample options for residents to explore.

515 Parkwood Ave will feature a rooftop deck, a private courtyard, electric bikes, a fitness center, a shared dining area and designated coworking spaces. The 235,480 square-foot mid-rise complex will also feature 2,945 square feet of ground floor retail. The complex will offer studios, one-, two-, three- and four-bedroom units, with unique, custom-design elements and exposed mass timber ceilings. The apartments will have quartz countertops, smart tech, laminate hardwood flooring and aluminium-clad exterior and wood-clad interior windows. Construction is scheduled to begin immediately at the site. Swinerton Builders and Timberlab, both affiliates of Lindgren, will serve as the general contractor and mass timber subcontractor for the project.

JLL Capital Market's Debt Advisory team representing the borrower was led by Senior Managing Director Travis Anderson, Managing Director Cory Fowler, Director Warren Johnson and Analyst Chad Lisbeth alongside JLL's International Capital Coverage partner Naoki Hasegawa.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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