Charlotte Multifamily Trades to Continental Realty Corporation in $96M Loan-Assumption Deal
Baltimore, MD-based Continental Realty Corporation has acquired Sycamore at Tyvola, a 288-unit multifamily located in Charlotte, NC for $96.3 million. Continental Realty Corporation will assume the in-place 40-year amortizing fixed-rate HUD loan at a 2.96% interest rate with a mortgage insurance premium.
Michael Saclarides of Cushman &Wakefield represented the seller.
The transaction marks the eighth NC multifamily purchase by real estate investment and management firm Continental Realty Corporation, which now owns and self-manages approximately 1,600 units throughout the state.
“Sycamore at Tyvola was constructed as a generational long-term hold resulting in design features that are above market standards,” said JM Schapiro, CEO of Continental Realty Corporation. “With the long-term investment profile of Continental Realty Corporation’s $144-million Core Multifamily Fund, this is a prototypical deal for this fund.”
Through its various funds, Continental Realty Corporation has acquired more than $1.2 billion worth of retail and multifamily assets in the last 10 years, primarily in the Southeast.