Urban Standard Delivers Construction Loan for Durham Rental Community
Urban Standard Capital recently closed a $7.95 million, 18-month, non-recourse construction completion loan for a Class A mixed-use rental property in Durham, NC.
At completion, the borrower, Abranova Real Estate, will deliver 48,000 square feet of 37 residential units, 5,000 square feet of co-working space, and 1,500 square feet of retail space. Property renters will also have access to the basketball court, dog park and walking paths at the borrower’s recently completed and neighboring townhome project.
“The amenity sharing between the borrower’s two projects provides 555 Abranova with the same comforts as the 200+ unit comparable properties while retaining a quiet, private, boutique feel because it’s only 37-units,” added Urban Standard’s Vishal Hotchandani.
Site work is complete. Framing has begun and the property will attain a Certificate of Occupancy in the fourth quarter of 2024 or first quarter of 2025.
