Capital City Real Estate and Pennington Real Estate Partners obtained a $48 million construction loan for The Mill, a 281-unit multifamily development in Charlotte’s NoDa neighborhood. Concord Summit Capital’s Justin Neelis arranged the financing, which represents a 62% loan-to-cost (LTC) structure.
The project will offer a mix of studio, one-, and two-bedroom units with an extensive lineup of amenities, including a pool, fitness center, clubroom, fire pits, dog park, pet spa, co-working space, and a sky deck with neighborhood views.
Capital City’s Scott Zimmerman added, “We are excited to bring this new community to the growing arts district of the Noda neighborhood. Our vision for The Mill was deeply inspired by the rich legacy of Noda’s historic textile mill villages. We sought to honor that heritage by weaving elements of timeless industrial character into a modern living experience.”
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