Grubb Adding Phase II to Charlotte Multifamily Project

Thorofare Capital and Pearlmark combined to raise $40 million in financing so Grubb Properties could build out Link NoDa Phase II apartments in Charlotte. Thorofare originated $30 million for the construction loan, Pearlmark $10 million in mezzanine debt. A CBRE team led by Elliott Voreis assisted in the raise.

The 242-unit project will consist of one and two-bedroom floorplans averaging 604 square feet. Some units will feature patios with street-level access or balconies.

Commercial Edge reports to rise six stories near the project’s 292-unit first phase, Link NoDa Phase II will have its own amenities that will be accessible to the residents of the entire community. Plans call for a swimming pool with sun deck, fire-pit courtyards, a gym, coworking spaces, a conference room and a meeting center, as well as a pet spa.

Located at 3500 Philemon Ave. in an Opportunity Zone, the development is less than 1 mile south of U.S. Route 29 and Interstate 85.

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