A team from Walker & Dunlop, led by Cliff Ayers, has successfully secured a $62 million construction loan for the development of a 360-unit luxury community near the Triad Piedmont International Airport. The project, known as The Revel and located near NC 68 and Leabourne Road, is being helmed by Collett Capital.
According to reports from the Triad Business Journal, W&D was able to secure non-recourse financing at 70% Loan-to-Value for this project. This suggests that the total cost of The Revel could be close to $90 million. Ayers noted that one of the key factors in securing this funding was its prime location near new industrial facilities and Guilford Technical Community College campus.
In addition to these amenities, Ayers also highlighted its proximity to HondaJet and plans for a Boom SuperSonic facility as major selling points for investors. Despite challenges in obtaining construction loans currently facing developers nationwide, W&D’s success with securing above-market leverage at 70% loan-to-cost reflects their client’s strong commitment and vision for bringing top-quality apartments to an expanding Greensboro market.
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