ESJ Inks Acquisition Loan for 144-Unit Kannapolis Rental Asset
ESJ Partners utilized a $19.9 million loan to finance the acquisition of The Bridges of Cabarrus, a 2021-vintage garden-style multifamily community comprising 144 units across seven three-story buildings in Kannapolis, North Carolina. The property sold for $29.5 million. Pickering & Co. was the seller.
The loan was originated and structured on behalf of Pearlmark Realty Senior Mortgage Partners, led by Brian Johnson. The company provided a fixed-rate, senior mortgage. A JLL team led by Brian Gaswirth arranged the financing.
The Bridges at Cabarrus features amenities such as a clubhouse, fitness center, pool, and 294 parking spaces. The property is in Cabarrus County, approximately 25 miles from Uptown Charlotte.
ESJ Capital Partners is a vertically integrated real estate investment firm with a focus on middle-market investments, with over 50 realized transactions representing more than $280 million in total equity.
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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