Greysteel has successfully arranged the construction financing and joint venture equity placement for the development of Venture at Port City, a 225-unit, mid-rise market-rate multifamily community located in Wilmington, North Carolina.
Greysteel worked on behalf of the Sponsor, Indianapolis-based Millstone, to secure a three-year, floating-rate loan through a regional bank. Greysteel also sourced the joint venture equity from an institutional real estate investment fund. Senior Associate Chris Wilkins led the Greysteel team.
Set for completion in spring 2027, Venture at Port City will offer 225 thoughtfully designed one, two, and three-bedroom apartment floorplans across three four-story mid-rise buildings. The exterior will showcase a sophisticated blend of stone and fiber cement, while the interiors will feature modern finishes, including quartz countertops, stainless steel appliances, oversized balconies, walk-in closets, and luxury vinyl plank flooring throughout.
The project includes integrated garages that open directly into climate-controlled corridors, along with ample surface parking. Beyond the upscale units, the community will boast a range of premium amenities, including elevator-served buildings, a resort-style saltwater pool, gas grilling stations, an upscale clubhouse, and a large outdoor cabana with a poolside lawn area.
“Millstone is an exceptional organization to work with, and we’re thrilled to be a part of their largest development to date within their growing pipeline. Strong deals in desirable locations will continue to get capitalized in 2025 despite the more volatile capital markets environment. This asset will be a great addition to the midtown Wilmington market,” said Wilkins.
Greysteel is a leading commercial real estate investment sales, debt and structured finance advisory firm. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of middle-market and institutional real estate assets. Our platform optimizes options for our clients by providing end-to-end investment services from research and investment planning to sales and financing. Strategically located across offices nationwide, Greysteel has established broad market coverage from coast to coast.
