Tower Capital, a leading financial services firm, recently facilitated a $19 million loan to refinance 99 townhomes in the first phase of Poplin Glen. The development, located in Charlotte, consists of 268 build-to-rent units. Tower Capital had previously arranged a bridge loan for the acquisition of these townhomes in July 2021 with plans to lease all units.
The undisclosed sponsor has now decided to sell the individually platted homes as they become vacant. Real estate expert Jill Moyer from Redfin has been brought on board for sales management. However, future phases (Phase 2 and Phase 3) will continue to operate as rental properties.
According to Kyle McDonough from Tower Capital: “There is an increasing demand among buyers looking for property ownership opportunities and it was only logical that we adjust our plan accordingly.”
The initial phase of Poplin Glen features two-story townhome units with three bedrooms and two-and-a-half bathrooms each. These units also come equipped with one-car direct-access attached garages and backyards.
This recent development marks another successful project by Tower Capital in Charlotte’s thriving real estate market.
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