**Charlotte Apartment Developers Close on $48M Construction Loan for The Mill**
Capital City Real Estate and Pennington Real Estate Partners have secured a $48 million construction loan for The Mill, a 281-unit multifamily development set to rise in the vibrant NoDa neighborhood of Charlotte, North Carolina. The financing, representing a 62% loan-to-cost ratio, was arranged by Justin Neelis of Concord Summit Capital.
The Mill will feature a range of studio, one-, and two-bedroom apartments. Residents will enjoy an array of high-end amenities, such as a rooftop sky deck with neighborhood views, a resort-style pool, a state-of-the-art fitness center, a stylish clubroom, fire pits, a dog park, a pet spa, co-working spaces, and more.
“We are excited to bring this new community to the growing arts district of the NoDa neighborhood,” said Scott Zimmerman of Capital City Real Estate. “Our vision for The Mill was deeply inspired by the rich legacy of NoDa’s historic textile mill villages. We sought to honor that heritage by weaving elements of timeless industrial character into a modern living experience.”
The project aims to seamlessly blend the historic charm of the neighborhood with contemporary design and amenities, reinforcing NoDa’s identity as one of Charlotte’s most dynamic cultural hubs.
