CBRE’s Capital Markets Debt & Structured Finance team has secured a $28.9 million loan for Hawthorne at Concord, a 238-unit Class-A apartment community located in Concord, North Carolina. Steve Heffner, Nate Sittema and Kristen Reilley of CBRE’s Charlotte office arranged the financing from Fannie Mae on behalf of Hawthorne Residential Partners and White Point Partners.

Built in 2014 and developed by Davis Development, Hawthorne at Concord consists of eight three and four-story apartment buildings on 18.46 acres. Following acquisition a year ago, Hawthorne Residential Partners completed significant upgrades at the property including upgrades to the clubhouse, amenities and unit interiors.

Hawthorne at Concord is located in a highly desirable community just 15 miles north of Uptown Charlotte and within 10 minutes of the second largest employment center in Charlotte and two of the largest retail centers in the area. The community’s excellent location provides residents with easy access to 1.1 million sq. ft. of retail at Northlake Mall and 74,000 jobs at the University Research Park. Concord Mills, one of Charlotte’s largest retail centers and North Carolina’s top tourist attraction, is only one mile from Hawthorne at Concord. The property is also located within one mile of I-85, a key transportation corridor for commuters providing access to the entire Charlotte area.

Hawthorne at Concord is conveniently located in the Cabarrus County submarket, which has an average vacancy of 3.2% and an average monthly rent of $840 per unit or $0.89 per sq. ft.

“Hawthorne at Concord is a high-quality asset in a great location and this refinancing with Fannie Mae created the best opportunity for Hawthorne to generate returns for their investors,” said Kristen Reilley.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.