Grandbridge Real Estate Capital of Charlotte, North Carolina, facilitated the closing of a $26.1 million new construction loan secured by The Residences at Harbor Town Apartments, a 175-unit multifamily community in Little Rock.
The firm said the project will be one of the premier multifamily projects in the state, with amenities like access to a marina and walkability to the Clinton Library and downtown.
The permanent, fixed rate loan was funded through FHA’s 221(d)4 loan program. It was structured with a 40-year term and 40-year amortization.
Construction is expected to take about 18 months.
Local businessman John Burkhalter is the developer for the project and owns the land, which adjoins another development of his, the Rock City Yacht Club and Marina that is currently underway.
The $30 million marina-apartment project represents a new anchor point to pull more downtown development eastward.
Heiple + Wiedower Architects of Little Rock is the design firm.
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