PCCP, LLC has provided a $57 million loan for the cash neutral refinance of Metro University City, a 309-unit mid-rise multifamily community located at 404 Gallop Lane in the University City neighborhood of Charlotte, North Carolina. The loan was placed by a Meridian Capital Group team led by Seth Grossman.
The borrower originally acquired the Class A, new construction property during its initial lease-up in September 2021 and at 97 percent occupancy, has achieved strong leasing momentum to date.
“PCCP is pleased to continue to deploy capital on high-quality, new vintage multifamily in the Charlotte market. Owned by an experienced multifamily investor with over 12,000 currently owned apartment units, the property has had favorable leasing activity,” said Brian Haber, a Managing Director with PCCP.
“PCCP’s loan is intended to provide additional runway to drive NOI growth at the asset level,” added Scott Nugent, a Vice President with PCCP.
The property is comprised of 309 units across four, four/five-story elevatored buildings. The asset features top-of-market interior finishes including stainless steel appliances, in-unit washers/dryers, granite countertops, high ceilings, vinyl plank flooring throughout, and private balconies. On-site amenities include an expansive clubhouse with WiFi, a saltwater pool, fitness center with a yoga room, outdoor kitchen and grilling areas, and dog park and spa.
Metro University City benefits from its strategic location in the market with access to light rail, and is directly off of Route 29 with quick access to I-85 and I-495. The property is also across the street from the University Entertainment District development, a 40-acre mixed-use site that is anchored by TopGolf and will consist of an additional 100,000 sf of retail, 150,000 sf of office space, a hotel, and 3,000 sf of event space.
