Property Overview: 210,000 sf historic mill on 28 acres in an Opportunity Zone located in the emerging west end of Charlotte. The development opportunity included the repositioning of the historic mill as well as the development of up to 1000 residential units.
Investment Overview: Acram Group provided a short-term acquisition loan in order to allow the sponsor to exercise an option to purchase 24 of the 28 acres it did not own. In addition, the loan allowed for the sponsor to further its business plan via an up-zoning of the undeveloped land.
Address:
500 South Turner Avenue
Charlotte, NC
Property:
28 acres with 6 historic/industrial properties throughout
Loan Date:
May 2019
Payoff Date:
January 2020
Strategy:
High yield
Status:
Realized
