Charlotte BTR Units Convert to Platted Homes
Tower Capital helped arrange a $19 million loan to refinance 99 townhomes developed in the first phase of Poplin Glen, a 268-unit BTR development in Charlotte. The loan replaced an original bridge loan Tower Capital arranged in July 2021 to acquire the townhomes at certificate of occupancy with the intention to lease all the units.
The sponsor, who has declined to be identified, will begin selling the individually platted homes in Phase 1 to homeowners individually as units become vacant. Redfin’s Jill Moyer has been brought on to handle the sales. The subsequent phases, including Phase 2 with 70 units and Phase 3 with 99 units, will remain rentals.
Tower Capital’s Kyle McDonough said, “Demand is increasing from buyers seeking to own a property and it made sense to adjust the plan to meet that homeownership market need.”
The initial phase of Poplin Glen, delivered in 2021 and 2022, consists of two-story, three-bedroom, 2.5-bath townhome units with one-car direct-access attached garages and backyards.
