Wintrust Supplies $48M Construction Loan on North Carolina Multifamily Project
By Andrew Coen June 6, 2023 2:56 pm
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A joint venture of URS Capital Partners and Advantis Development has sealed $48 million in construction financing to build a luxury apartment and townhome development in North Carolina, Commercial Observer has learned.
Wintrust provided the loan on the sponsorship’s 319-unit, ground-up Creekside Asheville development just south of Asheville, N.C. The project is slated for completion in 2025.
Newmark (NMRK) arranged the transaction with a team led by Danny Matz and Nick Scribani and overseen by Jordan Roeschlaub and Dustin Stolly.
Located at 2177 Brevard Road roughly 14 miles south of Downtown Asheville, Creekside Asheville will feature 308,000 square feet of residential space. Its amenities will include a saltwater pool, a fitness center, a playground, a clubhouse, a cyber café and a pet spa.
Wintrust, URS Capital Partners and Advantis Development did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
