CrowdStreet Investors Flock to Participate in $93M Charlotte Multifamily Project
JLL has arranged $28 million in equity and a $65.2 million construction loan for The Joinery Phase II, a two-building, 361-unit, mid-rise multi-housing development with 17,384 square feet of ground-floor retail in Charlotte, NC’s Mill District.
Travis Anderson, Cory Fowler, Warren Johnson and Ryan Pride of JLL represented the sponsors, Space Craft and Swinerton, to arrange equity on the CrowdStreet online real estate investing platform. JLL also worked on behalf of the sponsors to secure the construction loan through Benefit Street Partners.
Over 480 individual investors on CrowdStreet participated in the equity offering. “The Joinery Phase II swiftly hit the fundraising goal in less than two days, with investors offering more than the $28 million that was needed to fully fund the project,” said Jesse Maas, CrowdStreet managing director.
The Joinery Phase II will feature studio, one-, two- and three-bedroom units. The retail floor will offer boutiques, coffee shops, neighborhood services and local businesses.
- ◦Development
- ◦Financing