University City Multifamily Development News, November 2022

Nov 29, 2022 | Commercial real estate

November 29, 2022

Miami-based Related Group purchased 64 acres at 6540 University City Blvd. from IBM Corp. for $14.5 million, with plans for a multifamily development of 450 apartments and up to 150 townhomes.

Pennsylvania-based High Associates is filed a petition to rezone 10130 Mallard Creek Rd., converting it into a mixed-use development. The plan calls for up to 350 multifamily units and 14,000 square feet of retail space.

The Annex Group has begun construction on an affordable-housing community near University City. Union and Tryon is estimated to cost $44 million, and construction is expected to wrap in spring 2025.

Tampa, Fla.-based American Landmark Apartments has secured a $51 million loan to refinance 8 Metro Station, a multifamily property near UNC Charlotte, which the firm purchased last September.

H.I.G. Realty Credit Partners has originated a $67 million loan for a 314-unit community in University City. The financing was provided to Panorama Holdings.

Embrey has closed on the land purchase for Finley, a 343-unit multifamily community project, its second in Charlotte.

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