A $ 45 million loan obtained for the development of The Regent at Eastover Condo
A $ 45 million construction loan was recently secured to finance the development of The Regent at Eastover Condo, a six-story luxury condominium complex located at 130 Cherokee Road in North Carolina. The construction loan was guaranteed by JLL Capital Markets of Wells Fargo, on behalf of the owner, Lutgert Companies. According to the developers, this project should be completed by the first half of 2023.
The Regent at Eastover Condo development will occupy 4,500 square feet and house 32 units, ranging from 2,600 to 4,500 square feet. The design plans for this six-story apartment show that it will include several shared spaces such as a rooftop terrace with stunning views, as well as an outdoor kitchen, state-of-the-art fitness center, living room, rooms dining area, fireplace, dog walking area, club room and garage with controlled access. Each of the units will be designed with 10-foot-high ceilings, terraces, fireplaces and furnished with modern amenities that include private elevator lobbies, gourmet kitchens with large islands, sub-zero refrigerators and appliances. Wolf cooking with propane hobs.
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The Chairman of the Lutgert Companies, Howard Gutman was pleased with the progress made on the development of The Regent at Eastover and also spoke about the company’s expansion plans in North Carolina; which also includes the construction of the Linville Ridge Country Club, an 1,800 acre luxury golf community in the mountains, within driving distance of Charlotte, Raleigh / Durham, Winston-Salem and Asheville.
Gutman described The Regent in Eastover as a classic example of a Lutgert community, mixing Charlotte’s signature charm with innovative design and exquisite amenities. He explained that the aim of this project was to define a new high-end model of living in the south. He added: âLutgert has completed numerous transactions with JLL and Wells Fargo Bank and looks forward to continuing the partnership in the future. “
The Senior JLL Capital Markets Debt Advisory Team Managing Director Chris Drew also provided insight into the property’s value. Drew said: âThe Regent of Eastover has generated considerable interest from debt capital providers as it represents the most anticipated luxury condo development in Charlotte with strong presales at the best market prices. “