TD Bank, RXR Provide $101M Construction Financing for Charlotte, N.C. Development

The Fallon Company has secured $100.5 million in construction financing to build Twelve03 at Centre South, a 329-unit multifamily complex that marks the first phase of a 16.7-acre mixed-use development in Charlotte, North Carolina.

TD Bank provided the senior construction loan and RXR Realty Investments invested equity capital int the project. The JLL Capital Markets team of Taylor Allison, Alexis Kaiser and Ryan Mueller arranged the debt.

JLL’s Allison noted in a statement that the South End neighborhood of Charlotte is currently supply-constrained but has benefited from the recent redevelopment of The Pearl innovation district and opening of the Wake Forest School of Medicine. 

“Twelve03 represents a rare opportunity to deliver a differentiated product at one of Charlotte’s most irreplaceable locations,” said Allison. 

Located at 1203 S. Caldwell Street in Downtown Charlotte — and within the live-work-play nexus South End Dilworth and Uptown — Twelve03 at Centre South is expected to deliver 263 market-rate and 66 affordable units into a six-story building. 

Centre South, the larger mixed-use development Twelve03 is part of,will eventually deliver nearly 1,000 new apartment units (of which 195 will be affordable housing), a 180-key hotel, 36,000 square-feet of retail, and 1.5 acres of green space across several buildings. The project will sit near the Bland Street light rail station and Interstate 77. 

The Fallon Company did not respond to a request for comment. 

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