Trinity Street Capital Partners (TSCP) a full service real estate investment bank, announces the origination of a $64MM construction loan for the development of a 270 unit, class A, market rate, multifamily property located in Southern Pines, NC. The construction loan had a 3-year term, achieved an 85% loan-to-cost and was non-recourse. TSCP continues to expand its non-recourse construction lending programs, throughout the United States, as many lenders curb their construction programs as a result of non-performing loans or over leveraged projects.
The Southern Pines project will offer (80) one-bedroom units, (166) two-bedrooms, (24) three-bedroom, garden-style units in three (3), three-story, residential buildings on a 14 acres. Amenities will be located on the first floor and will include administrative / leasing offices, club room lounge with full-service kitchen, fitness center, yoga room, business center and game room. The community will also feature a swimming pool with surrounding sundeck, poolside cabanas and grilling areas, indoor / outdoor sitting area with fireplace, playground, dog park and nature path.
Southern Pines is an appealing town nestled in the heart of North Carolina, renowned for its picturesque landscapes, rich history, and thriving business community with a focus on tourism, healthcare, education and retirement. The city offers a unique blend of Southern hospitality and modern amenities and is a popular destination for golf enthusiasts and boasts numerous high-end golf courses, luxury accommodations and charming bed & breakfasts. The town's historic downtown area is home to a variety of boutique shops, art galleries, and restaurants.
Trinity Street Capital Partners focuses on non-recourse, high leverage senior & subordinate non-recourse commercial mortgages, construction loans and real estate private equity, with investments starting at $10MM on income producing retail, office, industrial, multifamily, manufactured housing communities, self-storage and hospitality properties, located throughout the fifty states.
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