ESJ Partners has secured a $19.9 million acquisition loan for The Bridges at Cabarrus, a 2021-vintage, garden-style multifamily community in Kannapolis, North Carolina. The property, which comprises 144 rental units across seven three-story buildings, traded for $29.5 million. Pickering & Co. sold the asset to ESJ Partners as part of the transaction.
The fixed-rate senior mortgage was originated and structured on behalf of Pearlmark Realty Senior Mortgage Partners. The lending vehicle provided the acquisition financing for ESJ Partners, supporting the firm’s purchase of the recently built multifamily property. A JLL team led by Brian Gaswirth arranged the financing, coordinating between ESJ Partners and Pearlmark Realty Senior Mortgage Partners to complete the loan execution.
The Bridges at Cabarrus offers a range of community amenities, including a clubhouse, fitness center, and swimming pool designed to serve residents of the 144-unit complex. The property also includes 294 parking spaces, providing a parking ratio that supports the garden-style layout and low-rise configuration of the seven buildings.
Located in Cabarrus County, The Bridges at Cabarrus sits approximately 25 miles from Uptown Charlotte. The site’s proximity to Charlotte positions the community within commuting distance of the region’s employment, dining, and entertainment options while maintaining a suburban setting in Kannapolis.
ESJ Capital Partners, described as a vertically integrated real estate investment firm focused on middle-market investments, has completed more than 50 realized transactions representing over $280 million in total equity. The company’s latest acquisition of The Bridges at Cabarrus adds a relatively new, garden-style multifamily community to its portfolio, supported by fixed-rate senior mortgage financing arranged through JLL and provided by Pearlmark Realty Senior Mortgage Partners.
The combination of recent construction, full community amenity offerings, and a suburban location near a major employment center underpins the investment profile of The Bridges at Cabarrus. The execution of both the sale and the financing underscores ongoing investor and lender interest in stabilized, modern multifamily assets in proximity to larger metropolitan hubs such as Charlotte.
