Dealmaker: JLL Secures $16M Construction Loan for Project J in Charlotte
(Photo credit: Progressive Companies)
JLL Capital Markets, Chicago, arranged $16 million in construction financing for Project J, an 84-unit multifamily development in Charlotte, N.C.
JLL worked with borrower Panorama Holdings, Charlotte, and secured the loan through Genesis Capital LLC, Sherman Oaks, Calif., a residential construction and bridge lender with nearly $5 billion in annual originations.
Project J, located at 1722 South Tryon St. in Charlotte’s South End neighborhood, offers access to Interstate 77 and sits within a five-minute walk to the East/West light rail station. The property’s location will give residents access to surrounding retail hubs including Atherton Mill and The Railyard and is one mile from Uptown Charlotte’s central business district.
Charlotte continues to attract more than 100 new residents daily, many relocating from higher-cost cities such as Boston, Chicago, New York and San Francisco. The South End has emerged as a dining and nightlife destination and benefits from major employers such as USAA, DFA and Lowe’s Technology HQ.
Project J is a six-story development with 84 micro-units averaging 363 square feet, all fully furnished with Ori robotic furniture systems designed to maximize space efficiency. The property offers 30,500 square feet of rentable space with amenities including a first-floor lounge, outdoor patio with kitchen and grill, sixth-floor balcony patio, indoor bike storage and food locker services. Units feature 9-foot-1-inch ceiling heights and full-size front-loading ventless washer and dryer units.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Taylor Allison, Senior Director Alexis Kaiser, Associate Nick Thornton and Analyst Abby Reed.
“Project J represents an innovative approach to urban housing in one of Charlotte’s most dynamic neighborhoods,” Allison said.
Panorama Holdings has more than $700 million in assets under management across 15-plus investments in multifamily development, mixed-use and commercial properties.
