Fallon Inks Construction Loan for 329-Unit Charlotte-Area Apartments
The Fallon Co. secured a construction loan and equity for Twelve03, a 329-unit multifamily community at 1203 S. Caldwell St. in Dilworth. The Charlotte Business Journal reports the cost of the project could reach $100 milion. Site work has begun. The multifamily community will deliver in the first quarter of 2029. The apartments will be part of the Centre South development.
BB+M Architecture is the project architect and designer. Samet Corp. is the general contractor.
Twelve03 will have studio, one- and two-bedroom apartments, 66 of which will be reserved for residents earning 65% and 80% of the area median income. Amenities will include a co-working lounge, pool, fitness center, sky lounge, and enclosed bike storage.
Development of the 16.7-acre site will take place over multiple phases that include three multifamily buildings totaling 975 units, a 330,000-square-foot office building and a 180-room hotel above a podium parking structure, and 36,000 square feet of retail space. The overall Centre South project is expected to cost about $500 million.
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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