Anchor Loans, a private real estate lender and a majority-owned portfolio company of Pretium, has provided $132 million in construction financing for a new multifamily housing project in Durham, North Carolina.
The financing package includes a senior construction loan along with preferred equity. Together, these funds will support the development, construction, and lease-up of a 440-unit Class A multifamily community.
The project will feature a mix of apartment and townhome-style residences. In addition, residents will have access to several on-site amenities. The community is also located near Duke University, Research Triangle Park, and other major employment hubs in the region.
Construction is expected to conclude in 2028. Once completed, the development is expected to add new rental housing options in an area that continues to experience population and employment growth.
The transaction marks another collaboration between Anchor Loans and multifamily developer JPI. It also reflects the lender's continued focus on expanding its institutional multifamily financing business.
JP Ackerman, Chief Revenue Officer at Anchor Loans, said the transaction strengthens the firm's ongoing relationship with JPI. He added that the company aims to provide financing structures that help experienced developers advance large-scale multifamily projects through long-term partnerships.
—----------------------
Raising capital? Explore 3,000+ PropTech and ConTech VCs in one place →https://www.proptechbuzz.com/vc
If you are a proptech company and want to promote your products for free, go to proptechbuzz.com and submit your products. For investors or proptech buyers, sign up on our platform to stay informed about exciting updates and trends in the Proptech Ecosystem.