Panorama Holdings Lands $45M Bank loan for Charlotte Project

Rendering of Lumeo Residences. Image courtesy of Panorama Holdings

Progress organization Panorama Holdings has shut on a $44.5 million construction loan for Lumeo Apartments, a 314-unit household neighborhood in Charlotte, N.C. The transit-oriented growth task is positioned in the University Town neighborhood.

The senior building bank loan was presented by Broadshore Funds Associates, a authentic estate expense administration and advisory companies company headquartered in Los Angeles.

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The task 1st broke ground previous calendar year and is the next multifamily development Panorama has worked on in the Charlotte area. The Charlotte-based mostly business previously developed the 377-device condominium local community Blu at Northline, a $70 million job designed together the city’s LYNX Blue Line mild rail procedure that connects downtown and the University of North Carolina at Charlotte, according to Business North Carolina.

Lumeo Flats is positioned on a 10-acre web-site and will offer community features which include a pet spa, business enterprise centre, saltwater swimming pool, club property, health centre and going for walks trails. The property’s device mix has not nonetheless been disclosed by the developer. Lumeo is presently underneath building, with the initially units envisioned to be sent in the initially quarter of 2021, with a closing completion date slated for conclusion-of-calendar year 2021.

Panorama also broke ground final yr on a blended-use residence in the Ballantyne Village neighborhood. The 14-story venture will consist of a 186-crucial AC Resort by Marriott, approximately 100,000 square ft of Class A office environment room and a rooftop cafe and bar. In accordance to the developer, the task will be the tallest progress in Charlotte outdoors of downtown.

Broadshore Senior Vice President Chris Miller led the loan origination staff on the transaction. Hal Kempson, a Senior Director of funds marketplaces at JLL, sourced the construction funding on behalf of Panorama.