Tower Capital has arranged a $19.1 million loan for the refinancing of the first phase of Poplin Glen, a 268-unit build-to-rent project in the Charlotte. The borrower was a real estate investment company headquartered in Arizona. The loan replaced a bridge loan that Tower Capital arranged in July 2021 to facilitate the acquisition of the townhomes at certificate of occupancy with the intention to lease all the units.
The initial phase of Poplin Glen comprises 99 units and was completed in 2021 and 2022. The community offers two-story, three-bedroom townhome units. Townhomes feature one-car attached garages and backyards. Phase two of Poplin Glen will deliver a further 70 units, while phase three will comprise 99 townhomes.
The sponsor plans to begin selling the individually platted homes in phase I to homeowners individually as units become vacant. The second and third phases will remain as rental units.
