$45M in construction financing secured for ultra-luxury condominium development in Charlotte

CHARLOTTE, Oct. 18, 2021 – JLL Capital Markets announced today that it has arranged $45 million in construction financing for The Regent at Eastover, a 32-unit, boutique, ultra-luxury condominium, development in the Eastover neighborhood of Charlotte, North Carolina.

JLL worked on behalf of the borrower, The Lutgert Companies, to secure the construction loan through Wells Fargo. The project has experienced strong pre-sale velocity and it is projected to be completed in the first half of 2023.

Once completed, The Regent at Eastover will contain 32 units ranging from 2,600 to 4,500 square feet that have been designed with the most discerning buyer in mind. Units will be outfitted with modern features, including oversized terraces, 10-foot-high ceilings, fireplaces, private elevator lobbies, gourmet kitchens with large islands, Sub-Zero refrigerators and Wolf cooking appliances with natural gas cooktops. The six-story development will also offer residents upscale communal features such as a rooftop terrace with expansive views and an outdoor kitchen, state-of-the-art fitness center, lounge and dining spaces, fire pit, dog walk area, club room and controlled access garage.

Situated at 130 Cherokee Rd., The Regent at Eastover is located within the Eastover community, which is largely considered the finest historic and most affluent neighborhood in the Charlotte metro area. The project is strategically located along the northern edge of Eastover, providing connectivity to downtown Charlotte, which is just a 10-minute drive. Additionally, the Charlotte Douglas International Airport is 15 minutes away, and other major highways such as Interstate 277 and US 74 are within a five-minute drive.

The JLL Capital Markets Debt Advisory team that represented the developer was led by Senior Managing Director Chris Drew, Managing Director Brian Gaswirth, Director John Gavigan and Associate Reid Carleton.

“We are excited to expand our presence in North Carolina where in addition to The Regent at Eastover, we are developing Linville Ridge Country Club, a premier 1,800-acre luxury master planned golf community in the mountains just a short drive from Charlotte, Raleigh/Durham, Winston-Salem and Asheville, said Howard Gutman, President of The Lutgert Companies. “The Regent will be a classic example of a Lutgert community, blending Charlotte’s characteristic charm with innovative design and exquisite amenities, setting a new standard for upscale southern living. Lutgert has completed numerous transactions with both JLL and Wells Fargo Bank and looks forward to continuing the partnership into the future.”

“The Regent at Eastover commanded significant interest from debt capital providers as it represents the most highly anticipated luxury condo development in Charlotte with strong pre-sales at market leading prices,” added Chris Drew. “This, combined with a sponsor known as one of the premier residential developers in the Southeast, resulted in an extremely competitive marketing process.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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