Charlotte – Feb. 25, 2016 – CBRE’s Capital Markets Debt & Structured Finance team has secured a $34.7 million loan for The Piedmont at Ivy Meadow, a 372-unit Class A apartment community located in Charlotte, North Carolina. Steve Heffner of CBRE’s Charlotte office arranged the financing from Freddie Mac CME on behalf of an affiliate of Harlan Enterprises, LLC.
Built in 2000 by Hanover Development, The Piedmont at Ivy Meadow consists of 15 three-story buildings on 22.3 acres. 90% of the units have been upgraded at an average cost of $5,000 per unit. The Piedmont At Ivy Meadow will benefit directly from the Blue Line Extension for the LYNX with multiple stops located less than one and a half mile from the property, including a stop on the north end of UNCC.
The Piedmont at Ivy Meadow is conveniently situated in the University submarket with access to I-485, I-77 and I-85. The current vacancy for The Piedmont at Ivy Meadow is 4.0% with average rents of $894 per unit per month. The University submarket vacancy has consistently been below 5.0% for the last two years.
The University area is anchored by UNC Charlotte and the University Research Park, and is second only to downtown Charlotte as the area’s largest employment hub. The area is northeast Charlotte’s largest submarket with over 150,000 residents and 74,000 jobs contributing over $8.4 billion annually to the regional economy.
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Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a
Fortune 500 and S&P 500 company headquartered in Los Angeles, is the
world’s largest commercial real estate services and investment firm (in terms
of 2015 revenue). The Company has more than 70,000 employees (excluding
affiliates), and serves real estate owners, investors and occupiers through
more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic
advice and execution for property sales and leasing; corporate services;
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