Holliday Fenoglio Fowler, L.P. (HFF) has announced that it has arranged joint venture equity and construction financing for the development of Montage, a six-story, 302-unit, luxury multi-housing development in Uptown Charlotte.
HFF worked on behalf of the developer, Proffitt Dixon Partners, to arrange joint venture equity with an affiliate of Creek Lane Capital LLC, a Chicago-based real estate investment firm. In addition, HFF secured $46.5 million in construction financing for the partnership through Pacific Life Insurance Company.
Montage will be constructed on a 2.64-acre site at the corner of East Stonewall and South Davidson Streets just off Interstate 277 in Uptown Charlotte’s Stonewall corridor. The high-growth, live-work-play area will be home to approximately $2.7 billion in announced developments, including a 47,000-square-foot Whole Foods, which will be located between Bank of America Stadium and Presley Uptown. Montage will have 11,000 square feet of ground-floor retail and one-, two- and three-bedroom units averaging 830 square feet each. Units will be finished with 10-foot ceilings, expansive master closets, computer niche/workstations, stainless steel appliances, upgraded fixtures, pantry and linen closets, wood plank flooring and balconies/patios with views of downtown. On-site amenities will include an elevated saltwater swimming pool, resident lounge, club room, fenced dog park, multiple courtyards, grilling stations, bicycle repair and fitness center.
The HFF debt and equity placement team representing the developer was led by senior managing director Travis Anderson and associate director Cory Fowler.
“With all of the development activity in the works, the Stonewall area is turning into the newest live-work-play corridor in Charlotte and the Montage is uniquely positioned in the heart of it all,” Anderson said. “Similar to the Presley Uptown, which was developed by Proffitt Dixon Partners, Montage will offer best-in-class finishes with a unique and thoughtful amenity package.”
Proffitt Dixon Partners is a multifamily investment and development firm with a focus on Class A apartment communities in the Southeast. The firm has closed transactions valued at over $520 million since 2008 and has an active development pipeline in North Carolina, South Carolina and Tennessee. Proffitt Dixon Partners continues to seek unique opportunities in markets and submarkets with high barriers to entry, solid multifamily fundamentals and strong population growth.
The Proffitt Dixon team has over 40 years of combined urban residential, mixed-use, multifamily development and investment experience in the Carolinas, Florida, Georgia, Alabama and California. The team’s experience spans from the development of high-rise urban projects to suburban multifamily, apartment acquisitions as well as value-add investments. Throughout their careers, the partners have developed more than 7,900 multifamily units valued at greater than $1.6 billion.
Creek Lane Capital, LLC (Creek Lane) is a private equity real estate investment firm founded by real estate veteran Kevin Mulhall and the Walsh Family, owners of The Walsh Group. Creek Lane focuses on the patient execution of a “Build/Reposition to Core” strategy in markets with high quality of life attributes and long-established and/or expanding economic drivers. The senior leadership team averages more than 30 years of experience in real estate and has a demonstrated track record of successful investing in multiple property types across the country.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.