**Orchard Properties Secures $30M for 166-Unit Apartment Development in Hendersonville, NC**
Orchard Properties has secured $30 million in construction financing to kick off the development of a 166-unit apartment complex in Hendersonville, North Carolina. The funding was provided by Peachtree Group and features a three-year bridge loan with a one-year extension option.
The planned community, approved through rezoning two years ago, will be constructed on a 10.4-acre site located approximately one mile west of the AdventHealth campus. The development will include one-, two-, and three-bedroom rental units spread across seven three- and four-story residential buildings.
Amenities for the new community will include a clubhouse and a swimming pool. Expected rental rates are $1,400 per month for one-bedroom units, $1,600 for two-bedroom units, and $1,900 for three-bedroom units.
Peachtree Group, the project’s lender, reports $2.4 billion in acquisitions across 104 deals and has led more than $2 billion in ground-up developments over 49 transactions.
