Trinity Street Capital Partners Secures $64MM Loan for Multifamily Project in Southern Pines, NC
TL;DR
Trinity Street Capital Partners secures $64MM construction loan for 270 unit property in Southern Pines, NC, gaining advantage in expanding non-recourse construction lending programs.
The construction loan has a 3-year term, 85% loan-to-cost ratio, and is non-recourse, showing how the project is financed and structured.
The development in Southern Pines, NC will provide modern amenities, including a swimming pool, fitness center, and nature path, enhancing the community and quality of life.
Southern Pines, NC offers picturesque landscapes, historic downtown, and high-end golf courses, making it an appealing destination for golf enthusiasts and travelers.
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Trinity Street Capital Partners (TSCP), a full-service real estate investment bank, has announced the origination of a $64 million construction loan for the development of a 270-unit, Class A, market-rate multifamily property in Southern Pines, North Carolina. The town is strategically located approximately halfway between Charlotte and Fayetteville, NC.
The construction loan, which has a 3-year term and an 85% loan-to-cost ratio, is non-recourse. This type of loan structure is significant as it limits the borrower's personal liability, a feature that is becoming increasingly rare as many lenders are curbing their construction programs due to non-performing loans or over-leveraged projects.
The Southern Pines project will feature 80 one-bedroom units, 166 two-bedroom units, and 24 three-bedroom garden-style units across three three-story residential buildings on a 14-acre site. Amenities will include administrative and leasing offices, a club room lounge with a full-service kitchen, a fitness center, a yoga room, a business center, and a game room. Outdoor amenities will encompass a swimming pool with a sundeck, poolside cabanas, grilling areas, an indoor/outdoor sitting area with a fireplace, a playground, a dog park, and a nature path.
Southern Pines is renowned for its picturesque landscapes, rich history, and thriving business community focused on tourism, healthcare, education, and retirement. The town is also a popular destination for golf enthusiasts, featuring numerous high-end golf courses, luxury accommodations, and charming bed & breakfasts. The historic downtown area offers a variety of boutique shops, art galleries, and restaurants.
Trinity Street Capital Partners specializes in non-recourse, high-leverage senior and subordinate commercial mortgages, construction loans, and real estate private equity. Their investments start at $10 million and cover a range of property types including retail, office, industrial, multifamily, manufactured housing communities, self-storage, and hospitality properties across the United States.
This development underscores the ongoing expansion of TSCP's non-recourse construction lending programs, a critical move as many traditional lenders pull back from the market. For more information about Trinity Street Capital Partners and their services, visit www.trinitystreetcp.com.
Curated from 24-7 Press Release
