Collett Capital Obtains $62M Loan for Greensboro Apartment Build
A Walker & Dunlop team led by Cliff Ayers arranged a $62 million construction loan to build a 360-unit luxury community near the Triad Piedmont International Airport. The Triad Business Journal reports that since W&D says they secured 70% Loan-to-Value non-recourse financing for the construction of the project, called The Revel, then one could peg the cost of the project at close to $90 million. Collett Capital is helming the project located near NC 68 and Leabourne Road.
The Revel is located near several new industrial facilities as well as a Guilford Technical Community College campus.
Cliff Ayers, director of capital markets of W&D, cited the location’s proximity to HondaJet and the planned Boom SuperSonic facility. “In a challenging construction lending environment, it’s a testament to our client’s commitment and vision to bring a best-in-class apartment community to a burgeoning Greensboro market. We were able to secure above market leverage at 70% loan to cost and non-recourse financing due to the high quality of Sponsorship and product type.”
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.