A fund managed by Ares Management secured a $69.4 million construction loan so it can start work transforming a former elementary school into a 314-unit apartment complex. Ares will be turning the Midwood Elementary School at 1817 Central Ave. into a seven-story apartment building. The onetime school building, built in the 1930’s, will be demolished.
The loan was made through United Bank. Last month, Ares closed on the property, paying $18.5 million for it.
The new building will feature a mix of studios, one-, two- and three-bedroom units. Each unit will be an average size of just over 790 square feet. The building will also include a rooftop lounge, multiple courtyards, a library and 472 parking spaces.
The development will break ground by the end of the year and construction should be completed by 2028. JLL’s capital markets debt advisory team, led by Travis Anderson, Kate Rathman, and Nick Thornton, represented Ares.
The post Ares Lands $69.4M Loan to Convert Old Charlotte School into Rental Community appeared first on Connect CRE.
​Â