CHARLOTTE, NC – Broadshore Capital Partners announced that Panorama Holdings has completed a $ 44.5 million senior home loan to build the Lumeo community of 314 units in Charlotte, North Carolina. Located at 7100 MacFarlane Blvd, the Lumeo is adjacent to the City City Light Rail stop and provides convenient access to nearby shops, restaurants and entertainment and a short drive to UNC Charlotte and Uptown Charlotte.
"Broadshore's debt program aims to provide senior home construction loans for multi-family projects in communities with multiple economic drivers that will be taken over by seasoned developers like Lumeo," said Bleecker Seaman, co-CEO of Broadshore. “This loan expands our longstanding debt program to include multi-family home loans. Changing market conditions, coupled with our company's expertise in multi-family investment, allow us to seamlessly adapt our debt program to multi-family loans, where we see the opportunity to raise capital when other lenders have pulled out. "
Lumeo is an urban-style community with residential buildings, a clubhouse, and outdoor recreation and meeting rooms spread across approximately 10 acres of land. The apartments are equipped with modern furnishings. It offers a range of services, including a full-service pet spa, business center, clubhouse, and fitness center with yoga studio. and outdoor areas such as a large saltwater pool and a sundeck, courtyards with gas grill and fireplace, and community-wide hiking trails.
Broadshore has extensive experience investing and managing apartment buildings, having invested in markets in the United States for more than 30 years. The Broadshore team is leveraging this expertise in its debt program, which enables the company to quickly evaluate and make credit scores. Broadshore's niche is a non-recourse construction and transitional asset lender. Broadshore can provide Stretch senior and mezzanine financing on loans ranging from $ 10 million to $ 75 million for projects in the United States.
"We believe one of the strengths of the broadshore lending program is that we can look at the project from the borrower's perspective," added Chris Miller, senior vice president, who oversaw lending.
Panorama Holdings is a multi-family, multi-use, multi-use property development company in Charlotte aiming to create high quality, differentiated communities in the fastest growing markets in the United States. The Lumeo community benefits from its location near the mix of professional business, dining, and entertainment that includes Uptown Charlotte, as well as UNC Charlotte and the University City submarket. It's also a transit-oriented community that's just steps from the University City Boulevard station on the LYNX Blue Line Light Rail extension. A panorama is currently under construction on Lumeo. The first units are expected to be available in the first quarter of 2021 and will be finalized by the end of 2021.
Source: Broadshore Capital Partners