Madison Realty Capital Lends $47M for Charlotte Build-to-Rent Townhomes
By Andrew Coen August 26, 2025 1:32 pm
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An affiliate of Mission Properties has snagged $47 million of construction financing to develop a build-to-rent (BTR) townhome community in Charlotte, N.C., Commercial Observer has learned.
Madison Realty Capital (MRC) originated the first mortgage and mezzanine debt for the developer’s planned 198-unit Ridge Road Townes BTR project, situated about 20 minutes from Downtown Charlotte in a residential neighborhood.
“Demand for BTR housing in suburban Charlotte is strong and accelerating, yet new supply with premium amenities for residents remains limited,” Josh Zegen, managing principal and co-founder of MRC, said in a statement.
CBRE arranged the transaction with a team consisting of Nate Sittema, Elliott Voreis and Owen Hall.
Site work for Ridge Road Townes at 1429 Ridge Road commenced in May, and vertical construction is slated to begin “imminently,” according to MRC. The project will consist of 50 two-story townhome buildings encompassing 1,576 net square feet, with two- and three-bedroom layouts on a 22-acre property. Community amenities will include a pool, clubhouse with game room, fitness center and dog park.
Mission Properties and CBRE did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
