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Link NoDa

Link NoDa Phase II

$30,000,000 Construction Completion Financing

Charlotte, NC | March 2024

Thorofare Capital has provided a $30,000,000 floating-rate senior loan for the construction completion of Link NoDa Phase II, a 242-unit apartment community located in the North Davidson (NoDa) community of Charlotte.

The project is a Class A, transit-oriented multifamily complex. Community amenities include a clubhouse, resort style pool with sun deck, courtyards with fire pits, grilling stations, 24-hour fitness center, cycle room, yoga studio, pet spa, dog run, conference room, meeting center, and co-working spaces. Unit amenities include 9 ft ceilings, stainless steel appliances, granite or quartz countertops, designer cabinetry, hardwood inspired floors, walk-in closets, washer & dyer in units, programmable thermostats, and patio/balconies.

The property is adjacent to the 36th Street Lynx light rail station and within walking distance of downtown NoDa, offering tenants access to various retail, restaurant, and nightlife venues. Additionally, multiple Fortune 500 companies are headquartered in Charlotte due to its strategic location and transportation infrastructure.

The loan carries an initial term of 30 months with one conditional extension option. Thorofare worked in tandem with an institutionally-backed mezzanine lender, who closed its subordinate simultaneously with the senior loan provided by Thorofare.

The sponsor is a vertically integrated commercial real estate company with over 8,000 units either constructed or completed. Based in Charlotte with additional offices across North Carolina and California.