Hendersonville Developer Inks Financing for 166-Unit Rental Community
Orchard Properties obtained a $30 million construction to start work on a 166-unit apartment complex in Hendersonville, North Carolina. Peachtree Group provided the loan, a three-year bridge term with a one-year extension.
Orchard received its rezoning two years ago. The company is allowed to build one-, two- and three-bedroom rental units in seven three- and four-story buildings on 10.4 acres a mile west of the AdventHealth campus.
Plans include a clubhouse and pool. Rents are expected to be $1,400 for a one-bedroom unit, $1,600 for a two-bedroom and $1,900 for a three-bedroom.
On its website, Peachtree claims $2.4 billion in acquisitions over 104 deals. It’s developed over $2 billion in developments through 49 transactions.
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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