Peachtree Group Provides $30M Construction Loan for N.C. Apartments

Orchards Properties has landed $30 million of construction financing to develop a multifamily project in North Carolina, Commercial Observer has learned.

Peachtree Group originated the three-year bridge loan with one 12-month extension for Orchards’ planned 166-unit apartment complex in Hendersonville, N.C. Orchard acquired the site at 399 Naples Road 20 miles south of Asheville in 2022 and obtained necessary zoning approvals in June 2024. 

Jared Schlosser, head of credit originations at Peachtree Group, said the location near Interstate 26 should spark plenty of multifamily demand from people who want to live within commuting distance of Asheville. Schlosser also noted that the property will be in close proximity to Pardee Hospital, an affiliate of UNC Health, where a new medical office building is slated for completion in 2027, creating more jobs in the region. 

“There’s a lot of expansion both on the hospital side of Hendersonville as well as just the general highway exit that this sits off of, so you’re in a high-growth area,” Schlosser told CO. “There’s not a lot of developable plots, so we really liked the borrower’s business plan and his story that he could build in a market that has demand but is also not very easy to build in.”

The apartment complex will have amenities that include a clubhouse, a fitness center, work-from-home offices and an event space. The property will also have 271 parking spaces.

Orchards Properties did not immediately return a request for comment.

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