A $45 million construction loan was recently obtained to finance the development of The Regent at Eastover Condo development, a six-story luxury condominium housing complex, located at 130 Cherokee Road in North Carolina. The construction loan was secured by JLL Capital Markets from Wells Fargo, on behalf of the owner, Lutgert Companies. According to the developers, this project is expected to be completed by the first half of 2023.
The Regent at Eastover Condo development will occupy 4,500 square feet and house 32 units, ranging between 2,600 to 4,500 square feet. The design plans for this six-story apartment show that it will feature several shared spaces such as a rooftop terrace with expansive views, along with an outdoor kitchen, state-of-the-art fitness center, lounge, dining spaces, a fire pit, a walking area for dogs, club room and a garage with controlled access. Each of the units will be designed with 10-foot-high ceilings, terraces, fireplaces and furnished with modern amenities which include private elevator lobbies, gourmet kitchens with large islands, sub-zero refrigerators and Wolf cooking appliances with propane cooktops.
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The President of The Lutgert Companies, Howard Gutman was pleased with the progress made on the The Regent at Eastover development and also spoke on the company’s expansion plans in North Carolina; which also includes building the Linville Ridge Country Club, a premier 1,800-acre luxury master planned golf community in the mountains just a short drive from Charlotte, Raleigh/Durham, Winston-Salem and Asheville.
Gutman described The Regent at Eastover as a classic example of a Lutgert community, blending Charlotte’s characteristic charm with innovative design and exquisite amenities. He explained that the aim of this project was to set a new model for upscale southern living. He added, “Lutgert has completed numerous transactions with both JLL and Wells Fargo Bank and looks forward to continuing the partnership into the future.”
The Senior Managing Director from the JLL Capital Markets Debt Advisory team, Chris Drew, also gave insights on the property’s value. Drew said, “The Regent at Eastover commanded significant interest from debt capital providers as it represents the most highly anticipated luxury condo development in Charlotte with strong pre-sales at market leading prices.”
