The Fallon Company closed $100.5 million in construction financing for Twelve03 at Centre South, a 329-unit apartment complex in Charlotte, North Carolina. TD Bank provided the senior construction loan while RXR Realty Investments contributed equity capital to the project.
The development represents phase one of a larger 16.7-acre mixed-use site. JLL Capital Markets arranged the financing.
Charlotte's multifamily market continues attracting institutional capital and major lenders. The metro area has experienced consistent population growth and job creation, driving demand for rental housing. Projects of this scale reflect developer confidence in the region's fundamentals and the ability to secure financing despite broader economic headwinds.
The $100.5 million financing package demonstrates steady construction lending for apartment developments. TD Bank's participation underscores continued appetite among traditional lenders for well-capitalized multifamily sponsors in growth markets.