NEW YORK - Oct. 27, 2022 - PRLog -- StackSource, a fintech platform for commercial real estate, successfully arranged the capital stack for The Point at Caldwell Station, a 297-unit multifamily development project in Huntersville, NC.
The new development will consist of 23 buildings, 20 of them containing apartments, on a total of 20.61 acres of previously vacant land. Phase I of the project is fully complete and is expected to be fully leased by the end of 2022, while Phase II remains in progress and is expected to be fully leased by EOY 2023. The units will have walk-in closets, granite countertops, stainless steel appliances, luxury plank flooring, and designer lighting; while the property will have amenities that include a saltwater pool, resident clubhouse and lounge, cyber cafe, demo kitchen, game lounge, high-tech fitness center, and solar/EV charging stations.
The capital stack consists of a $63,000,000 construction loan from a New York-based debt fund and $15,000,000 of mezzanine debt from a Florida-based debt and equity investment firm, bringing the total LTC ratio to 80%. In addition to the two debt tranches, StackSource introduced two partners that agreed to a Co-GP sponsorship agreement to bring the project to completion.
One of those co-GP partners is Greg Roderick of Frontier Management, which operates over 10,000 units nationwide. Greg shared, "StackSource hasn't only connected us with sources of capital. They have simplified the process of solving for more complex financing scenarios with multiple tranches and equity partnerships that enabled this deal to move forward. I look forward to collaborating with them on future deals."
"Working with professional development groups like Frontier allows us to shine, as they recognize the value of relationships in the capital markets and execution. We were able to collaborate and identify exactly how to bring the best execution on the capital side so they can bring this project forward for such a growing submarket of Charlotte", StackSource Director Zach Wagner added.
StackSource also recently announced that it has surpassed $1 billion of transactions successfully arranged on its platform over hundreds of transactions through a company blog post. StackSource launched in 2017 and began by primarily serving smaller borrowers who were underserved by traditional commercial mortgage brokers. Since then, the company has grown aggressively, expanding its capital advisory team and increasing its penetration among more sophisticated real estate investors.
The StackSource team now boasts 20 Capital Advisors nationwide. Paired with its network of 1,000+ capital sources, StackSource's Capital Advisors help real estate investors nationwide gain efficient access to the capital markets helping them secure their ideal capital stack, resulting in a lower cost of capital for their investments in less time and with less manual effort than traditional commercial mortgage brokerage.
"As a commercial real estate professional with over 30 years of experience in the industry including investment sales, development, and finance, I've never before had the ability to manage a pipeline of deals like I can now with the StackSource platform," shared StackSource Senior VP Beth Mercante, who co-led the structured senior and mezzanine debt financing assignment with Wagner.
Real estate investors interested in working with StackSource can visit StackSource.com and click "Get a Loan" to see their matched capital sources within minutes.
Contact
Tim Milazzo
StackSource CEO
***@stacksource.com
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StackSource Arranges $78 Million Capital Stack for 297-unit Development
October 27, 2022 at 13:23 PM EDT
