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**The Beach Co. Secures $90M Financing for Hillsborough Rental Community**
The Beach Company is moving forward with its latest residential development, Persimmon at Cates Creek, a 346-unit rental community located in Hillsborough, North Carolina, situated between Interstates 40 and 85.
Site preparation for the project was completed in 2025. According to the Triad Business Journal, financing includes $35 million in equity provided by Larson Capital Management and a $54 million construction loan from First Horizon Bank.
Vertical construction is set to begin with 30 townhomes, with the first units expected to be delivered in December. Following the townhomes, construction will shift to the development’s 316 apartment units, with full project completion targeted for 2027.
The community will feature a mix of one-, two-, and three-bedroom apartment layouts, ranging from 760 to 1,600 square feet. Townhome options include 1,250-square-foot two-bedroom flats and 1,560-square-foot three-bedroom layouts. Each townhome will include a private single-car garage with direct unit access.
Residents will have access to a variety of amenities, including a swimming pool, picnic areas, fitness center, entertainment lounges, and a community club room.
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