At a glance
- Jefferson Apartment Group is the borrower, and proceeds will fund continued lease-up and stabilization of the 350-unit property.
- At $68.5 million across 350 units, the debt is about $196,000 per unit on a completed but still-leasing Class A building.
- The $81 million loan from Western-Southern for a Charlotte apartment project, as Private Wealth Daily previously reported, carried about $270,000 of debt per unit, with first units due in March 2028.
Broadshore Capital Partners closed a $68.5 million senior bridge loan on J Optimist Park, a newly delivered 350-unit Class A apartment property in Charlotte. Terms were not disclosed.
Jefferson Apartment Group is the borrower, and proceeds will fund continued lease-up and stabilization of the 350-unit property. CBRE's Nate Sittema and Kristen Reilley brokered the loan, according to Connect CRE. The property has more than 30,000 square feet of amenities.
At $68.5 million across 350 units, the debt is about $196,000 per unit on a completed but still-leasing Class A building. Broadshore is the institutional investment and lending arm of Milhaus SRG, and the loan is its third closing in three markets in two months.
The $81 million loan from Western-Southern for a Charlotte apartment project, as Private Wealth Daily previously reported, carried about $270,000 of debt per unit, with first units due in March 2028. That loan is secured by a project that has yet to open; Broadshore's is secured by a building that is already delivering units.
Debt per unit: $196,000 here vs. $270,000 on a project not yet open
Senior debt per apartment unit on two Charlotte multifamily loans
J Optimist Park (Broadshore)
$196,000/unit
- Loan
- $68.5M
- Units
- 350
- Status
- Delivered, in lease-up
Western-Southern project
$270,000/unit
- Loan
- $81M
- First units due
- March 2028
- Status
- Not yet open
Show as table
| J Optimist Park (Broadshore) | Western-Southern project | |
|---|---|---|
| Figure | $196,000/unit | $270,000/unit |
| Loan | $68.5M | $81M |
| Units | 350 | |
| Status | Delivered, in lease-up | Not yet open |
| First units due | March 2028 |
Reported by the Real estate debt desk from Connect CRE and Private Wealth Daily archive. Published . Corrections