RXR Refis North Carolina Apartments With $71M Loan

Taft Family Ventures has landed a $70.5 million loan to refinance a newly delivered multifamily development in Charlotte, N.C., Commercial Observer has learned.

RXR’s credit platform provided the bridge loan for the developer’s 241-unit Adler Montford Park project in the Montford Park neighborhood south of Downtown Charlotte.

“Adler Montford Park embodies the type of high-quality, well-located multifamily asset, paired with an experienced developer in Taft Family Ventures, that aligns perfectly with RXR’s lending strategy,” Steven Schwartz, executive vice president and head of real estate credit at RXR, said in a statement.

Located at 1351 East Woodlawn Road less than two miles from Queens University of Charlotte, Adler Montford Park features 241 rental apartments, eight for-rent homes and 289 parking spaces. Community amenities include a heated pool, a rooftop lounge, coworking spaces, a fitness center, a yoga room, and a business center.      

Tom Taft Sr., chairman and CEO of Taft Family Ventures, said in a statement that the loan was facilitated by RXR “with the right structure” and it looks forward to “future opportunities” with the credit platform across its portfolio. 

The transaction marked RXR’s first multifamily bridge loan in North Carolina, according to the company. RXR expanded its credit platform in 2021 following a merger with Hudson Realty Capital.

Andrew Coen can be reached at acoen@commercialobserver.com.