July 10, 2019 – JLL announces it has arranged the sale and financing of The Lowrie, a 245-unit, mid-rise multi-housing community in Charlotte, North Carolina.
JLL marketed the property on behalf of the seller, Proffitt Dixon Partners. Redwood Capital Group purchased the offering free and clear of existing debt. Additionally, JLL worked on behalf of the new owner to secure an acquisition loan through a life insurance company.
The Lowrie, which delivered in summer 2018, is located at 3570 Toringdon Way in Charlotte’s thriving Ballantyne submarket, which offers residents access to nearly 715,000 square feet of Class A office space at Toringdon Office Park and more than 4.5 million square feet of Class A office space at Ballantyne Corporate Park. The four-story community features luxury amenities, including a resort-style saltwater pool, rooftop resident clubhouse, outdoor living room and club space with fire pit, outdoor kitchen with grilling area, outdoor screening area, leash-free dog park and spa, co-working business space, state-of-the-art fitness center with CrossFit cage, yoga studio, concierge service and a secured access garage with covered parking. Units include IOTAS smart home technology; designer kitchens with islands, granite countertops and subway tile backsplashes; wood-style flooring; built-in shelves and desks; walk-in showers; designer lighting packages; in-unit washers and dryers; and private patios or balconies.
The JLL Capital Markets team representing the seller was led by managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Caylor Mark.
HFF’s debt placement team representing the new owner was led by senior managing director Travis Anderson and senior director Cory Fowler.
“With its thoughtful development execution and site selection of The Lowrie, Proffitt Dixon delivered a true best-in-class investment offering,” Good said. “Redwood was drawn to the property’s market-leading amenities, exceptional design elements and retail walkability within Ballantyne’s dynamic business environment.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.