Company’s long-standing debt program shifts focus to multifamily construction
LOS ANGELES–(BUSINESS WIRE)–Broadshore Capital Partners (Broadshore) announced today that it has closed a $44.5 million senior construction loan to Panorama Holdings (Panorama) for the construction of the 314-unit Lumeo apartment community in Charlotte, North Carolina. Lumeo, at 7100 MacFarlane Blvd, is located adjacent to the University City Light Rail stop offering convenient access to nearby shops, dining and entertainment, as well as a short ride to both UNC Charlotte and Uptown Charlotte.
“Broadshore’s debt program seeks to make stretch senior construction loans on multifamily projects in communities with multiple economic drivers that are being undertaken by experienced developers such as at Lumeo,” said Bleecker Seaman, co-CEO, Broadshore. “This loan expands our long-standing debt program to include multifamily construction lending. Changing market conditions coupled with our company’s expertise in multifamily investing allows us to seamlessly adapt our debt program to multifamily lending where we see the opportunity to provide capital where other lenders have pulled back.”
Lumeo is an urban-style community with residential buildings, club house and outdoor recreation and gathering spaces spread across its approximately 10.1-acre site. The apartments are designed with modern fixtures and finishes. It offers an array of services, including a full-service pet spa, business center, club house and fitness center with yoga studio; and outdoor areas such as a large saltwater pool and sun deck, courtyards with gas grills and fire pit, and community-wide walking trails.
Broadshore has extensive experience in multifamily investment and management built over more than 30 years of investing in markets across the United States. Broadshore’s team draws on this expertise for its debt program which allows the company to quickly evaluate and make loan determinations. Broadshore’s niche is as a non-recourse lender for construction and transitional assets. Broadshore can provide stretch senior and mezzanine financing targeting loans sized in the $10-75 million range for projects throughout the U.S.
“We believe one of the strengths of Broadshore’s lending program is our ability to view the project from the borrower’s perspective,” added Senior Vice President, Chris Miller who led the loan origination.
With multiple multifamily communities and mixed-use projects in Charlotte, Panorama Holdings is a real estate development company aiming to create high-quality and differentiated communities in the most fast-growing markets in the United States. The Lumeo community benefits from its location near the mix of professional businesses, dining and entertainment that comprises Uptown Charlotte as well as being a short distance from UNC Charlotte and the University City sub-market. It also is a transit-oriented community steps away from the University City Boulevard station on the LYNX Blue Line light rail extension. Panorama is currently under construction on Lumeo with occupancy of the first units anticipated to be available in the first quarter 2021 and final completion by the end of 2021.
Broadshore’s loan origination was led by Senior Vice President Chris Miller. Hal Kempson, Senior Director, Capital Markets at JLL, sourced the construction financing on behalf of the sponsor. Seyfarth Shaw served as Lender’s counsel.
About Broadshore Capital Partners
Broadshore Capital Partners, LLC (“Broadshore”) was founded in 1989 (under a predecessor name) and became an SEC registered investment adviser in 1991. In 2019 the company rebranded following a buyout led by its long-time partner, The Guardian Life Insurance Company of America. Broadshore is a leading national real estate investment management and advisory services company with approximately $1.5 billion in assets under management as of December 31, 2019. The firm provides real estate advisory services to a select list of international institutions, public pension funds, insurance companies and high net worth individuals. Broadshore is based in Los Angeles and retains regional offices in New York, Denver, Seattle and Phoenix.
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