Full-service real estate investment bank Trinity Street Capital Partners (TSCP) announced the origination of a $64 million construction loan for the development of a 270-unit, Class A, market rate multifamily property located in Southern Pines, North Carolina.
Southern Pines is located approximately half-way between Charlotte and Fayetteville, North Carolina. The construction loan had a three-year term, achieved an 85% loan-to-cost and was non-recourse. TSCP continues to expand its non-recourse construction lending programs, throughout the United States, as many lenders curb their construction programs because of non-performing loans or over leveraged projects.
The Southern Pines project will offer 80 one-bedroom units, 166 two-bedrooms, 24 three-bedroom, garden-style units in three, three-story, residential buildings on 14 acres.
Amenities will be located on the first floor and will include administrative/leasing offices, club room lounge with full-service kitchen, fitness center, yoga room, business center and game room. The community will also feature a swimming pool with surrounding sundeck, poolside cabanas and grilling areas and an indoor/outdoor sitting area with fireplace, playground, dog park and nature path.
Southern Pines is an appealing town nestled in the heart of North Carolina, renowned for its picturesque landscapes, rich history, and thriving business community with a focus on tourism, healthcare, education, and retirement. The town’s historic downtown area is home to a variety of boutique shops, art galleries and restaurants.
