Concord Summit Closes $7.8 Million Construction-Completion Loan for Multifamily Development in Charlotte, NC Market

Market-rate rental community, Norman Lofts, to feature 45 units 

Miami, FL/Charlotte, NC - Concord Summit Capital closed $7.8 million in financing for a market-rate rental community under construction in the Charlotte, NC market.  Norman Lofts, located at 14801 Statesville Rd. in Huntersville, is approximately 65% complete, with final delivery slated for the first quarter of 2025. Loan proceeds will be used to recapitalize existing construction financing and complete the project. 

The financing was arranged by Concord Summit Capital advisors Keegan Burger and David Larson, who work in the company’s Miami office.

Norman Lofts is being developed by Surge Investment Group. Headquartered in Ogden, UT, the development team focuses on Class-B garden-style multifamily development in growing markets.  

The 45-unit project comprises 20 studios, 20 one-bedrooms and 15 two-bedrooms. It is located within the Huntersville submarket and features convenient interstate access with proximity to Uptown Charlotte and Lake Norman. The property has great visibility from I-77 and is only a 15-minute drive to the University of North Carolina at Charlotte and 20 minutes from Charlotte International Airport and Downtown Charlotte.

“We were faced with a challenging situation when the original construction lender could no longer continue funding, but we were able to source and close new financing in under 30 days,” Burger said. “The developer now has the necessary capital to complete the project and welcome new residents by early next year.”

This marks the fourth construction-completion loan Concord Summit has closed in 2024. For more information on Concord Summit Capital, please see www.ConcordSummit.com.