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Proffitt Dixon Partners obtained JV equity and construction financing for the development of Montage, a 302-unit multifamily project in Uptown. The property will be built at the corner of East Stonewall and South Davidson streets in the Stonewall corridor, which will eventually be home to an number of other developments, such as a 47k SF Whole Foods between Bank of America Stadium and Presley Uptown.
Montage will have 11k SF of ground-floor retail and one-, two- and three-bedroom units averaging 830 SF. HFF facilitated the deal, led by senior managing director Travis Anderson and associate director Cory Fowler. “With all of the development activity in the works, the Stonewall area is turning into the newest live/work/play corridor in Charlotte," Anderson said.
The JV equity is from an affiliate of Creek Lane Capital, a Chicago-based real estate investment firm. The $46.5M construction loan for the partnership is through Pacific Life Insurance Co.
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