BWE, a national commercial and multifamily mortgage banking company, announced today that it had secured $37,750,000 to finance the acquisition of Graces Reserve Apartments, a three-story garden-style apartment complex in Kannapolis, North Carolina, part of the Charlotte metropolitan area.
Maxx Carney, senior vice president in BWE’s Miami office, along with executive vice president Dan Rosenberg, senior analyst Logan Petersmeyer, and analyst James Rogers, originated the five-year loan from a life company on behalf of Guardian Capital, a Chicago-based residential real estate owner and operator and their partner, New York Life Real Estate Investors. In addition to acquiring the property, Guardian intends to execute a value-add strategy that will optimize the property’s performance and make the community an even more attractive option for residents.
“When our friends at Guardian approached us to secure acquisition financing for Graces Reserve, we ultimately determined that a life company could provide the creative structuring that we needed and close it quickly,” said Carney. “BWE is committed to working with our partners to overcome hurdles and secure the financing they need to acquire and improve residential real estate all across the country through our deep relationships with capital providers like our life company partner who delivered a tremendous execution for our client on their acquisition of Grace’s Reserve Apartments.”
Built in 2021, Graces Reserve consists of 240 apartments in one-, two-, and three-bedroom arrangements. All apartments have spacious floor plans and a host of desirable features, including stainless steel appliances, washers and dryers, private patios and balconies, and valet trash. Residents will also have access to a wide suite of community amenities, such as electric vehicle charging stations, parcel lockers, package management system, saltwater pool, fitness center, and a pet park.
“Despite a challenging environment, we are still finding interesting opportunities. We’re a big believer in the long-term Charlotte macroeconomic trends and are thrilled to partner with New York Life on this acquisition,” said Ian Rosa of Guardian.
Located at 900 Graces Reserve Circle, the property is in one of the Charlotte MSA’s fastest growing regions, with Kannapolis having seen a population increase of almost 12% from 2020 to 2023. Over the next five years, the county’s population is expected to increase by an additional 50,000 residents, providing a large renter base for the apartments well into the future.