Mesa West Provides $70M Acquisition Loan for Charlotte Multifamily Community

Hillridge Capital and Broad Creek Capital have secured $69.75 million in acquisition financing to buy LoftOne35, a 298-unit townhouse and apartment home community in Charlotte, N.C., Commercial Observer can first report. 

Mesa West Capital provided the first mortgage, structured as a five-year, non-recourse floating-rate loan that will finance the purchase and renovation of the property. 

Eastdil Secured’s Chris Campbell, Matt Brody, Daniel Allman and Catherine Reinecker arranged the financing. 

Mesa West executive director Pamir Niaz said in a statement that LofeOne35 benefits from a desirable location in Charlotte’s South End neighborhood and will likely see its value enhanced by a renovation plan and lack of supply in a city of 2.8 million people. 

“The sponsor’s comprehensive renovation plan should enhance its value proposition relative to new supply, strengthening the property’s already attractive positioning within the submarket,” he added. 

Located at 135 West Morehead Street, Loft One35 stands six stories tall and features studios to two-bedroom townhomes and loft-style apartment homes. The larger complex features a pool, outdoor courtyard, pet spa, and coffee bar. The new investment capital is expected to fund capital improvements to improve the resident corridor, various amenities, and the interiors of different units. 

Brian Pascus can be reached at bpascus@commercialobserver.com.