JLL completes sale and financing of Hawthorne at Lake Norman
The Class A multi-housing community is in one of Charlotte’s fastest growing suburbs
CHARLOTTE, May 21, 2020 – JLL Capital Markets announced today that it has completed the sale and financing of Hawthorne at Lake Norman, a 232-unit, Class A multi-housing community in Mooresville, North Carolina.
JLL represented the seller, Hawthorne Residential Partners, LLC, and procured the buyer, PassiveInvesting.com. Additionally, JLL worked on behalf of PassiveInvesting.com to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.
Hawthorne at Lake Norman is located 25 miles north of Uptown Charlotte at 118 Plantation Creek Drive in Mooresville, one of Charlotte’s fastest growing communities. The property is nestled along the shores of Lake Norman and is just minutes from the area’s largest employer, Lowe’s Corporate Headquarters. Additionally, Hawthorne at Lake Norman has tremendous accessibility to Uptown Charlotte via the newly delivered I-77 Express Lanes and is surrounded by more than 5.5 million square feet of retail amenities. The 20-acre site is home to 18 two- and three-story garden-style buildings offering spacious units averaging 1,055 square feet each and 104 direct access garages. Community amenities at the 97%-leased property include a multimedia center, cybercafé, 24-hour fitness center with rock climbing wall, saltwater swimming pool, car wash station, pet park and exclusive boat club.
The JLL Capital Markets team representing the seller included Managing Directors Andrea Howard and Jeff Glenn, Senior Director Allan Lynch and Directors Caylor Mark and John Currin.
JLL’s Capital Markets team representing the borrower was led by Managing Director Cory Fowler.
“A product of the area’s dynamic growth story and Hawthorne’s stewardship of the property, the sale of Hawthorne at Lake Norman represented one of our team’s most competitive marketing campaigns,” Howard said. “To close a transaction during these uncertain times requires tremendous operational performance at the property level and diligence by both the buyer and seller. This collective performance culminated in a successful sale of a differentiated asset that will offer PassiveInvesting.com outsized returns for years to come.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
PassiveInvesting.com is a private equity real estate investment firm focused on acquiring value-add and core+ multifamily properties in the Southeast U.S. The firm’s portfolio has a current value of more than $275 million stemming from eleven properties with a total of 2,247 units.
About Hawthorne Residential Partners
Since its inception in 2009, Hawthorne Residential Partners has been passionately dedicated to acquiring, developing, repositioning, and managing quality apartment communities. The company’s “LIVE IT” culture and exceptional service to their clients, employees, and residents has enabled the firm to rapidly grow and achieve industry recognition as an emerging leader with an impressive investment track record. Hawthorne proudly manages over 30,000 apartment units and an investment portfolio of approximately $2 billion in asset value. Investment management services for clients include: Acquisitions, Development, Financing Activities, Asset Management, Dispositions and 1031 Exchanges.