Charlotte-based apartment developer Proffitt Dixon is moving forward with its Toringdon apartment project, having secured a $29.1 million construction loan.
The Charlotte office of HFF arranged the construction financing through TD Bank, and also arranged private equity firm the Carlyle Group as an equity partner with Proffitt Dixon. An affiliate of Proffitt Dixon paid $5.7 million for the 3.6-acre site, Mecklenburg County real estate records show.
The Fountains at Ballantyne is a 245-unit, upscale apartment development on North Community House Road, adjacent to the Toringdon commercial development. The building is set for completion in the summer of 2018, with a four-story parking deck wrapped with apartment units. The building will also include an 8,000 square-foot clubhouse, fitness center with a yoga room, swimming pool, valet trash service, a bike repair room dog park and pet-washing station. Construction is set to begin this fall.
“Charlotte’s Ballantyne submarket is one of the most moved-to zip codes in the United States due to the influx of new development and steady job growth,” said HFF senior managing director Travis Anderson, in a statement. “Combined with its position within Toringdon Office Park and its proximity to Interstate 485, Fountains at Ballantyne is a unique live-work-play community strategically positioned for healthy lease-up and overall success once completed.”
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A 120-room Hampton Inn hotel is also under construction adjacent to the 3.5-acre apartment site, expected to open next month. And Trinity Capital Advisors is marketing a 200,000 square-foot office project that could be built at Toringdon.
“We’re looking forward to Proffitt Dixon’s project and what it will bring to Toringdon,” said Walker Collier, a partner at Trinity Capital Advisors. “With the addition of this multi-family component, it’s becoming the true mixed-use destination we’ve envisioned.”
In addition to the office space nearby, an Earth Fare supermarket is within walking distance of the new apartments.
Proffitt Dixon has developed several other projects in the Charlotte market recently, and has more in its pipeline. The company developed The Presley, a 230-unit apartment building at Stonewall and McDowell streets, as well as 258-unit apartment Fountains Matthews, on Matthews Township Parkway.
Proffitt Dixon has the Actor’s Theatre property on Stonewall and an adjoining city-owned parcel under contract. The company is looking to build a six-story building with 300 apartments and 8,000 to 10,000 square feet of ground-floor retail space on that site.