Urban Standard Capital has successfully secured a $7.95 million non-recourse construction completion loan for a Class A mixed-use rental property located in Durham, North Carolina. The borrower, Abranova Real Estate, will be delivering 48,000 square feet of residential units along with co-working and retail spaces within an 18-month period.
The completed property will feature 37 residential units as well as amenities such as a basketball court, dog park and walking paths that are shared with the borrower’s neighboring townhome project. According to Vishal Hotchandani from Urban Standard Capital, this arrangement allows the property to offer similar comforts to larger properties while maintaining its unique boutique atmosphere.
Construction is currently underway after site work was completed and is expected to receive its Certificate of Occupancy by either the fourth quarter of 2024 or first quarter of 2025.
