September 16, 2020
JLL has secured a $32.4 million acquisition loan for Magnolia Terrace, a 265-unit apartment building in Charlotte’s University City submarket.
Built in 1989, the three-story property totals 242,136 square feet and is located at 8301 Paces Oaks Blvd. Amenities include picnic and grilling areas, a business center, fitness center, playground, pool and sundeck as well as an onsite dog park. Units at the community average 561 square feet.
Elliott Throne, Cory Fowler and Amit Kakar of JLL secured the financing on behalf of the borrower, to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender.
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