Thursday, September 3, 2020

University City multi-housing project in Charlotte, NC moves forward with construction


Jane Wu
(photo courtesy Connect Commercial Real Estate)

 CHARLOTTE, NC – JLL Capital Markets announced it has arranged $44.5 million in financing for the development of Lumeo, a 314-unit, transit-oriented, multifamily project in the University submarket of Charlotte, North Carolina.

JLL worked on behalf of the developer, Panorama Holdings, LLC, to secure the construction loan through Broadshore Capital Partners.

“We’re committed to provide high-quality products bettering the living of the residents in the University City community,” says Jane Wu, president of Panorama Holdings. 

“Lumeo is strategically located at the center of University City Entertainment District, within walking distance to Topgolf, LYNX Station and Belgate Shopping Center. 

"We have confidence in Lumeo that its fascinating location and carefully designed luxury amenities will suit the dynamic and urban lifestyle here.”

Lumeo, a planned 314-unit, transit-oriented, multifamily project in                        the University submarket of Charlotte, NC

The JLL debt placement team leading the financing efforts included Senior Managing Director Hal Kempson and Director Taylor Allison.

JLL’s Project & Development Services group has been engaged to handle development and construction management for the property.



Hal Kempson
“Prior to the light rail’s delivery, the University submarket of Charlotte had been slow to develop,” said Kempson. 

“Now that the light rail is built out, we anticipate tremendous rent growth, similar to what we witnessed in the South End neighborhood.

 "Communities such as Lumeo are poised to benefit from this trend and will enjoy long-term stability, especially given the University market’s connectivity to UNC Charlotte and the recent inbound migration we’ve seen to secondary markets such as Charlotte due to the current pandemic.”

The first units at Lumeo are scheduled to be delivered in December 2020 and the entire project will be completed in 2021. 

The project comprises five garden-style buildings on a 10-acre parcel immediately adjacent to the University City Boulevard LYNX station and just one-half mile from Tom Hunter station. 

The community is centrally located in an amenity-rich area between UNC Charlotte and Uptown, deriving demand from both the student and professional population. 
Taylor Allison

With various one bedroom, two-bedroom and three-bedroom options, Lumeo features both outdoor community living and indoor relaxation space. 

Residents will enjoy the large upscale clubhouse, a resort-style saltwater pool with sun deck, and courtyards with gas grills, bar and fire pit.

 A full fitness center with a yoga room couples with a walking trail throughout the community that will be a perfect fit for an active lifestyle.

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

Contact:

Kristen Murphy
 JLL Senior Manager
 Public Relations
Phone: +1 617 848 1572

No comments:

Post a Comment