Newmark has announced the $43 million refinancing of Arlo Apartment Homes (Arlo) in Charlotte on behalf of owners Bluerock Residential by an insurance company. The financing effort was led by Newmark’s Multifamily Capital Markets Managing Directors Chris Caison and Josh Davis of the firm’s Charlotte office.
“The need for high-quality, modern multifamily assets in Charlotte continues to be a major driver of the local real estate market,” said Caison. “The significant growth of area businesses and the influx of new workers who have flocked to the region make assets like Arlo a desirable investment for property owners.”
Arlo is a Class A, 286-unit, five-story wrap-around style apartment building that features modern kitchens with designer appliances, luxury wood-textured plank flooring, USB charging ports in the kitchen and bedrooms, full-sized washers and dryers, ample storage and spacious walk-in closets. The property’s common amenities include a resort-style pool, an outdoor kitchen with grills, a rooftop lounge with a view of Charlotte, a state-of-the-art fitness center, a club room with a gaming lounge, an outdoor game courtyard, a pet spa and grooming lounge and a bike storage and repair station.
Located at 1331 West Morehead Street in FreeMoreWest, Arlo is just outside of Uptown Charlotte and close to Bank of America Stadium, located less than one mile from the Southend neighborhood. The property offers has exceptional access to major employers, lifestyle amenities, green space and the future-planned trolley providing public transportation to Uptown.
Bluerock Residential Growth REIT Inc, is a real estate investment trust that focuses on developing and acquiring a diversified portfolio of institutional quality, highly amenitized apartment communities in knowledge economy growth markets such as Charlotte to appeal to area residents seeking quality living options.
This latest transaction adds to the more than $200M in financing closed by the Newmark Charlotte office in the first quarter of 2020.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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