At a glance
- The project at 9621 Elm Lane consists of four five-story apartment buildings over a single-story parking podium and is part of Greenway at Piper Glen, RK Investors' master-planned development in south Charlotte.
- For construction lenders and the allocators evaluating their loans, the deal provides a per-unit comparison of about $270,000 on a project whose first revenue is more than a year away.
- Fall 2027 leasing plus a March 2028 first delivery leaves roughly four to five months between marketing start and cash rent on initial units.
An RK Investors-led team obtained an $81 million construction loan from Western-Southern Life Insurance Company for Sutherland at Piper Glen, a 299-unit apartment development under construction in Charlotte's Piper Glen neighborhood, Connect CRE reported. That works out to roughly $270,000 of debt per unit.
The project at 9621 Elm Lane consists of four five-story apartment buildings over a single-story parking podium and is part of Greenway at Piper Glen, RK Investors' master-planned development in south Charlotte. Leasing is expected to begin in fall 2027, with first units scheduled for March 2028. Nate Sittema, Kristen Reilley and Elliott Voreis of CBRE's Debt & Structured Finance team arranged the financing. Terms beyond the loan amount were not disclosed.
For construction lenders and the allocators evaluating their loans, the deal provides a per-unit comparison of about $270,000 on a project whose first revenue is more than a year away. The credit's test is rent achievement at a building that opens in 2028, not the completion of the shell.
Fall 2027 leasing plus a March 2028 first delivery leaves roughly four to five months between marketing start and cash rent on initial units. That period has the borrower carrying construction debt without occupancy, and any delivery slippage lengthens the interest-only stretch on the loan.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections