NorthMarq arranged bridge financing of $8.6 million for the acquisition and renovation of Tryon House Apartments located at 508 North Tryon Street in Charlotte, North Carolina. The 84-unit property has an irreplaceable location, as it sits within walking distance to major employers and entertainment venues in the Charlotte Central Business District. Under new ownership, the property will continue to benefit from strong demographic trends and job growth in the area.
NorthMarq’s Charlotte Debt & Equity team of Dave Stewart, vice president, and Ryan Taylor, vice president, secured the financing through a national debt fund. “We worked with an institutional fund to provide competitive bridge terms that allowed the sponsor, Elevate Capital, to facilitate their value-add vision for the asset,” said Stewart.
“We are excited to expand upon the rich heritage of Tryon House Apartments,” said Hunter Bick, Partner at Elevate Capital Group. “Our vision for the property will modernize the community and living spaces while maintaining and accentuating the historic elegance of the property. The NorthMarq team was critical in developing a financing structure that will allow us to bring this vision to life.”
The property was built in 1927, and benefits from close proximity to all of Uptown’s amenities; the LYNX Blue Line light rail system, Charlotte’s banking headquarters, as well as numerous retail and entertainment options, such as The EpiCentre and First Ward Business Center.
Market Overview
Charlotte has weathered the effects of the pandemic remarkably well, as rent growth continued to surge towards the end of 2020. Strong demand has been driven by large employers continuing to expand and relocate in the metro area, which has kept vacancies in check. Investors continue to be optimistic about the Charlotte multifamily market, with developers continuing to add units and sales momentum building from record volumes in 2020.
