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Banyan Residential Secures $65M Construction Loan for Wilmington SFR Community
Banyan Residential has landed a $64.5-million construction loan from Wells Fargo to finance construction improvements to Banyan Silo Ridge, a 299-home single-family-rental community in Wilmington, NC.
“Wilmington’s population has climbed significantly over the past few years, resulting in a need for an increased supply of apartments and single-family rental properties,” said Ben Brosseau, founder of Banyan Residential.
Banyan Silo Ridge offers a mix of two-, three-, and four-bedroom single-family and townhome-style floor plans with a one- or two-car attached garage and a private backyard. The 75-acre community includes 4,000-square-foot clubhouse, fitness center, pool with cabanas, landscaped grounds and a fenced dog park.
The development is central to retail, entertainment, destination beaches, employment hubs and the largest hospital in Wilmington.
Los Angeles, CA-based Banyan Residential manages a development pipeline exceeding $1.6 billion in value, comprising more than 4,500 residential units and 260,000 rentable square feet of office and retail commercial real estate space.
- ◦Development
