Saturday, September 19, 2020

$32.45 million acquisition financing secured for Magnolia Terrace apartments in Charlotte, NC

 

Magnolia Terrace Apartments, 8301 Paces Oaks Boulevard, Charlotte, NC

CHARLOTTE, NC – JLL Capital Markets announced it has arranged $32.45 million in acquisition financing for the Magnolia Terrace multi-housing community located at 8301 Paces Oaks Blvd. in Charlotte, North Carolina.

 JLL worked on behalf of the borrower, Stonebridge Investments, to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

Will Bateman

 Built in 1989, Magnolia Terrace is a three-story apartment building with 264 garden-style units, totaling 242,136 square feet.

The one-, two- and three-bedroom apartments, averaging 561 square feet, are newly renovated and include a breakfast bar with pendant lighting, an open floor plan, walk-in closets and patios and balconies, along with select units offering vaulted ceilings and fireplaces.

Community amenities include picnic and grilling areas, a business center, fitness center, playground, pool and sundeck. Magnolia Terrace is also pet-friendly, and residents can enjoy an onsite Bark Park.


The property is positioned in UNC Charlotte/University City, a submarket dubbed as one of the largest employment nodes in the area, with key drivers such as the Carolinas Medical Center and University Research Park.

Elliott Throne

Additionally, Magnolia Terrace is just a few minutes from I-85 and I-77, allowing smooth access to anywhere in the Charlotte metropolitan area – a region known as a prime commuting location with half of a million workers living just 30 minutes from their workplaces. 

 “We are excited to expand our portfolio into the Carolinas and enter the Charlotte market,” said Will Bateman, Director, StoneBridge Investments.

“We are bullish on Charlotte as a whole, and University City in particular, due to its proven track record of growth, high quality of life and ability to attract top employers.

"Magnolia Terrace has a history of strong performance that we believe we can build on through continued upgrades to the units and common areas, providing our residents with high-quality homes at relatively affordable price points.”

Cory Fowler

 The JLL Capital Markets team representing the borrower was led by Senior Managing Director Elliott Throne, Managing Director Cory Fowler and Director Amit Kakar.

 “Stonebridge stepped up to acquire a great property when most investors were on the sidelines trying to make sense of how the pandemic would affect real estate assets,” Fowler stated. “They were rewarded with a very attractive loan that will further boost their returns.”

 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 advisory, debt placement, equity placement or a recapitalization.

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Amit Kakar

 For more news, videos and research resources on JLL, please visit our newsroom.

 

About Stonebridge Investments 

Stonebridge Investments is a privately held investment company focused exclusively on the multifamily market.

 The firm is an experienced, hands-on, entrepreneurial investors, involved in all aspects of its projects from end-to-end. The firm shares a passion for real estate and a core desire to create excellent living environments for all its residents. 

Headquartered in Washington, DC, Stonebridge maintain offices in Orlando and Amsterdam. The firm’s investment footprint spans major markets throughout the Mid-Atlantic and Southeast US.

Together, key principals of the firm have more than 60 years of experience in the real estate industry, ranging from brokerage to capital markets to acquisition to investment and fund management.

CONTACT:

  Natalie Passarelli

JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email: Natalie.Passarelli@am.jll.com

 

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