JULY 18TH, 2023
One Real Estate Investment has obtained $47 million for the construction of The One at Hope Mills, a 360-unit community in Fayetteville, N.C. Berkadia arranged the floating-rate loan that was provided by City National Bank of Florida and Abanca.
The developer intends to break ground on the project in the third quarter of this year, with completion scheduled for the second half of 2024. BSB Design is providing architectural services and Berkley Hall Cos. will serve as general contractor.
To take shape on some 46 acres at 3680 Elk Road, the garden-style community will encompass 11 three-story buildings incorporating one-, two- and three-bedroom floorplans ranging from 918 to 1,369 square feet, along with a clubhouse. Common-area amenities are expected to include a swimming pool with cabanas, sauna, dog park, fitness center and yoga studio. In total, the property will span 423,127 leasable square feet.
The site is roughly 6 miles from downtown Fayetteville and 4 miles from Fayetteville Regional Airport. The immediate area has a Walmart Neighborhood Market and the property is less than 3 miles from numerous retail and dining options.
Growth across the Sun Belt
OREI President & CEO Jeronimo Hirschfeld stated in prepared remarks that the company plans to keep expanding its footprint in the Southeast region, targeting high-growth markets. Currently, the firm operates a portfolio worth more than $1.5 billion throughout the Sun Belt, with 800 units in the pipeline and 1,500 units in planning stages for 2023.
Berkadia Managing Directors Brad Williamson, Scott Wadler and Matt Robbins, along with Senior Managing Director Mitch Sinberg, secured the financing on behalf of the sponsor. The same team was recently involved in arranging a $51.5 million debt and equity recapitalization for a 296-unit property in Fort Lauderdale, Fla.