NEW YORK, NY – January 8, 2025 – The Capital Services Group for Ariel Property Advisors (Ariel) has arranged a loan totaling $5,362,500 for the acquisition of Nevin Place Apartments, a 56-unit workforce housing property located in Charlotte, NC. The five-year, full term interest only non-recourse loan featured a fixed rate and 65% LTV.

Matt Swerdlow and Matt Dzbanek, both Senior Directors at Ariel, represented the sponsors Sandee Road Ventures and D3 Real Estate Group.

“We were able to close this ‘time of the essence’ loan in 26 days with favorable terms, allowing the borrowers to quickly acquire this property and continue to provide quality affordable housing for this growing market,” adds Swerdlow.

Rents for the multifamily property will be limited to 80% of AMI, furthering Sandee Road Venture's initiative to provide housing for the missing middle demographic within the multifamily sector. Trevor Melito, Managing Partner of Sandee Road Ventures, stated, “As we deepen our roots in Charlotte, we are excited to further our mission of preserving essential naturally occurring affordable housing while cultivating communities that empower residents and support upward economic mobility.”

The deal represents the third acquisition financing transaction Ariel has arranged for Sandee Road Ventures in the Charlotte market in the last 16 months, and the first JV with D3 Real Estate Group out of Florida.