Space Craft Lands $94M Financing for Charlotte Apartments

Space Craft is expanding its multifamily portfolio in Charlotte with the development of an eight-story apartment complex in the Optimist Park area.

The 287-unit development at 515 Parkwood Avenue, called Cordo, is a joint venture with Lindgren Development, a subsidiary of Swinerton, the Charlotte Business Journal reported. They have secured $94 million in financing, including a $69 million construction loan and $25 million in joint venture equity.

JLL Capital Markets’ Travis Anderson, Cory Fowler, Warren Johnson and Chad Lisbeth arranged the equity through an institutional Japanese investment firm, as well as the construction loan, and JLL’s International Capital Coverage partner Naoki Hasegawa represented the borrowers.

The development will feature 3,000 square feet of ground-floor retail space and offer one- to four-bedroom units. Amenities include a rooftop deck, private courtyard, electric bikes, fitness center, shared dining area and coworking space. Completion is expected by late 2026. Swinerton Builders and Timberlab are the project’s general contractor and mass timber subcontractor.

Space Craft bought the project’s 1.6 acres for $6 million in 2022, the outlet reported.

The development joins Space Craft’s growing footprint in the Mill District, which encompasses the Belmont, Optimist Park, NoDa and Villa Heights neighborhoods. The company is also working on Oxbow, a 389-unit apartment community at 2125 North Davidson Street, and has completed projects like Millhouse in Belmont and Inkwell in NoDa. Additionally, Space Craft is considering future plans for a property at 2321 North Davidson Street, acquired for $9 million in February of last year.

Space Craft, which has offices in New York and San Francisco, entered the Charlotte market with the Joinery, the city’s first carless apartment complex, which opened in April 2022.

—Rachel Stone