JLL Capital Markets announced today that it has arranged $44.5 million in financing for the development of Lumeo, a 314-unit, transit-oriented, multifamily project in the University submarket of Charlotte, North Carolina.
JLL worked on behalf of the developer, Panorama Holdings, LLC, to secure the construction loan through Broadshore Capital Partners.
The first units at Lumeo are scheduled to be delivered in December 2020 and the entire project will be completed in 2021. The project comprises five garden-style buildings on a 10-acre parcel immediately adjacent to the University City Boulevard LYNX station and just one-half mile from Tom Hunter station. The community is centrally located in an amenity-rich area between UNC Charlotte and Uptown, deriving demand from both the student and professional population. With various one bedroom, two-bedroom and three-bedroom options, Lumeo features both outdoor community living and indoor relaxation space. Residents will enjoy the large upscale clubhouse, a resort-style saltwater pool with sun deck, and courtyards with gas grills, bar and fire pit. A full fitness center with a yoga room couples with a walking trail throughout the community that will be a perfect fit for an active lifestyle.
“We’re committed to provide high-quality products bettering the living of the residents in the University City community,” says Jane Wu, president of Panorama Holdings. “Lumeo is strategically located at the center of University City Entertainment District, within walking distance to Topgolf, LYNX Station and Belgate Shopping Center. We have confidence in Lumeo that its fascinating location and carefully designed luxury amenities will suit the dynamic and urban lifestyle here.”
The JLL debt placement team leading the financing efforts included Senior Managing Director Hal Kempson and Director Taylor Allison.
JLL’s Project & Development Services group has been engaged to handle development and construction management for the property.
“Prior to the light rail’s delivery, the University submarket of Charlotte had been slow to develop,” said Kempson. “Now that the light rail is built out, we anticipate tremendous rent growth, similar to what we witnessed in the South End neighborhood. Communities such as Lumeo are poised to benefit from this trend and will enjoy long-term stability, especially given the University market’s connectivity to UNC Charlotte and the recent inbound migration we’ve seen to secondary markets such as Charlotte due to the current pandemic.”
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.
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 in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Panorama Holdings, LLC
Panorama Holdings is a real estate development company aiming to create high-quality and differentiated communities in the most fast-growing markets in the United States. They combine macro-level analysis of the real estate market and micro-level operation of development projects to accurately source deals and successfully execute the programs. Professional, cooperative, and goal-oriented, their team emphasizes communication and mutual respect with their clients and partners to establish solid and lasting business relationships. They are dedicated to use their expertise on disciplined and strategized investment to deliver first-rate, high-end development projects, promoting the urban, diversified, and vibrant lifestyle in the greater community.