FLATS GET REFI'D
PNC Real Estate's Charlotte office provided a $14M Fannie Mae loan to Vestcor to refinance the Flats at Mallard Creek, a student housing community in Charlotte's University area, PNC?s Tim Rice tells us. The 10-year, fixed-rate loan was used to refinance a maturing (just like the students!) construction loan. (Refinancing now allowed the developer to nab favorable rates, PNC's Skip Martinson tells us.) The 131-unit, 386-bed student housing community includes two- to four-bedroom units (above, students attend a Flats housing fair). A short shuttle ride from UNCC, The Flats was finished a year ago and includes a pool, fitness center, and clubhouse.