Tower Capital advised on the placement of a $19,149,000 loan to refinance 99 townhomes developed in the first phase of Poplin Glen, an overall 268-unit BTR development in the Charlotte, North Carolina market.
Due to a strong homeownership market, the sponsor will begin selling the individually platted homes in Phase 1 to homeowners individually as units become vacant. Redfin has been brought on to handle the sales. The subsequent phases, including Phase 2 with 70 units and Phase 3 with 99 units, will remain as rentals.
