Principal Provides $61M Construction Loan for NC Lakeside Apartment Complex

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Principal Real Estate Investors—the real estate investment arm of Principal Global Investorshas provided a $60.6 million construction loan for the development of Langtree Village Apartments, a 288-unit Class-A apartment complex in Mooresville, N.C., Commercial Observer has learned.

SEE ALSO: Cooper-Horowitz Launches Investment Sales Platform

Cooper-Horowitz’s David Horowitz negotiated the financing on behalf of Columbia, S.C.-based developer Atrium Development.

Part of the Langtree at the Lake community, which has been constructed in phases over the past decade, the property—located at 134 Village Club Drive—sits atop 17 acres of land and will comprise six four-story buildings.

“The developer has been a client of Cooper-Horowitz for over 30 years and involved in this project for over 10 years,” Horowitz told CO. “His vision will now become a reality.”

Each unit will have a view of Lake Norman and property amenities are set to include a full clubhouse—also with lake views—and lakeside cabanas. The complex includes 449 underground parking spaces, as well as one level of podium parking in each building.

Cooper-Horowitz is having a busy 2018, having announced the launch of its investment sales business earlier this month and closed several significant debt transactions, including the $210 million refinance of 275 Madison Avenue on behalf of RPW Group.

Earlier this week, Principal Global Investors announced that it was folding four investment businesses into one global asset management business, as reported by Pensions & Investments. As part of the restructuring, Principal Real Estate Investors CEO Patrick Halter will succeed James McCaughan as CEO of Principal Global Investors but stay on at Principal Real Estate Investors until his successor is named.

Representatives for Principal and officials at Atrium Development did not return requests for comment.