Charlotte-Area Investors Tap BWE for $37.75M Acquisition Loan
BWE secured $37.75 million to finance the acquisition of Graces Reserve Apartments, a three-story garden-style apartment complex in Kannapolis, North Carolina, part of the Charlotte metropolitan area.
BWE’s Maxx Carney, Dan Rosenberg, Logan Petersmeyer, and James Rogers originated the five-year loan from a life company on behalf of Guardian Capital and New York Life Real Estate Investors. In addition to acquiring the property, Guardian has a number of renovations planned.
Built in 2021, Graces Reserve consists of 240 apartments in one-, two-, and three-bedroom arrangements. All apartments have private patios and balconies. Amenities include a saltwater pool, fitness center, and a pet park.
Located at 900 Graces Reserve Circle, the property is in one of the Charlotte MSA’s fastest-growing regions, with Kannapolis having seen a population increase of almost 12% from 2020 to 2023. Over the next five years, the county’s population is expected to increase by an additional 50,000 residents.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout