Space Craft, Swinerton Secure $93M for Charlotte Development

Space Craft and Swinerton have secured a $65.2 million construction loan and $28 million in equity for The Joinery Phase II, a mixed-use development in Charlotte, N.C. JLL Capital Markets arranged the equity through CrowdStreet, an online real estate investing platform. JLL’s team also secured the construction loan through Benefit Street Partners.

Scheduled for completion in 2023, the second phase of The Joinery will complement the 83-unit first phase of the development with 361 apartments and more than 17,000 square feet of ground-floor retail space across two buildings at 1816 N. Brevard St. and 420 E. 22nd St.

The Joinery Phase II will encompass studio, one-, two- and three-bedroom units, averaging 629 square feet. Community amenities will include a rooftop patio, a courtyard, fitness rooms, a coworking space with a coffee/breakfast nook, and electric car and e-bike share services for residents.

Situated between the Optimist Park and NoDa submarkets in an area known as the Mill District, the property will be part of a walkable neighborhood, with access to several shops and dining options, including Optimist Hall and Lintmen’s Dining Hall. The property is also near the Lynx Blue Line Parkwood station, providing access to employment hubs in Uptown and South End.

Thanks to an influx of remote workers, a more affordable cost of living, and solid economic fundamentals, Charlotte’s multifamily market continued to showcase strong fundamentals during the first quarter of 2022. Rents increased 0.7% in the first quarter to $1,522, according to Yardi Matrix. On an annual basis as of March, rents were up 18.6%, exceeding the U.S. growth rate by 380 basis points.