Expedition Capital Advisors (ExCap) has acquired a multifamily property in Charlotte for $54.7 million from Mesirow. The Enclave at Rivergate, located at 12400 Toscana Way and built in 2009, consists of 216 units.
The sale was brokered by Northmarq’s Andrea Howard, John Currin, Allan Lynch, Caylor Mark, Jeff Glenn and Austin Jackson.
Northmarq’s Carolinas Debt + Equity team led by Faron Thompson secured the permanent fixed loan for ExCap with financing from Freddie Mac. The loan is structured on a five-year term with a 35-year amortization schedule.
Since 2019, Enclave at Rivergate has undergone several renovations and upgrades including painted balconies and breezeways; the addition of a hammock garden; reconfigured clubhouse layout; expanded fitness center with upgraded equipment; more communal spaces for coworking; introduction of a 24-hour package concierge service; upgraded pool furniture with modern pergolas and soft seating areas added to the pool area ; renovated grill stations along with an oversized fire pit installation ; as well as new outdoor gaming options for residents’ entertainment.
