Charlotte real estate firm obtains $80M in loan funding for Lower South End apartments
The Olde Mecklenburg Brewery, Charlotte’s oldest beer maker, will have hundreds of new neighbors thanks to a real estate firm securing a construction loan for $80 million.
Madison Communities is planning to spend the money on building a 320-unit apartment complex at the intersection of South Tyron Street and East Peterson Drive. It will be adjacent to the brewery in the Lower South End neighborhood.
And that’s great for business, said Jim Birch, chief operating officer for Olde Mecklenburg Brewery.
“Most businesses would be envious to have 600 units of apartments, basically growing right around them, especially when you have a one acre beer garden and a full restaurant,” Birch said about Madison’s project and the nearby Silos lofts. “It’s absolutely fantastic for us in the long run.”
Bank of America and META Real Estate Partners provided the financing to Madison. Patterson Real Estate Advisory Group served as the advisor and facilitator during the process for the companies.
The total cost of the project is more than $100 million, according to Madison founder and CEO Ryan Hanks.
Construction will start in March and the apartments are scheduled for renters by October 2025, according to Hanks. Some amenities include fitness rooms, a pet spa, pool, co-working spaces inside the clubhouse and a cyber lounge with a coffee bar for the public and tenants.
Hanks said the brewery was a big part of the attraction.
Another benefit for Madison’s project is being close to transportation arteries like Interstate 77 and Billy Graham Parkway, officials said in a news release. The Scaleybark light-rail station is also within walking distance and goes to South End, uptown Charlotte and other stops.
Madison also mentioned the economic growth of LoSo over the past decade with tech companies, financial institutions and employers like Lowes Tech HUB, USAA and LendingTree.
“I think having the amenities of places like OMB immediately at our doorstep makes it attractive and your proximity to South Park, South End, uptown is what really makes it desirable for us,” Hanks said.
One of the first phases of the project is to build a parking deck in the middle of the site for customers while apartments are being built around it, Birch said. Temporary parking will be available on Peterson Drive.
“... There should be no interruption from a customer perspective and our ability to host big festivals and events and everything else,” Birch said.
Madison Capital Group also plans to relocate its corporate headquarters from South Park to a nearby property OMB previously owned.
About Madison Capital Group
Madison Communities, a Charlotte-based company, was founded in 2009 by Hanks, a former pro baseball player for the Philadelphia Phillies.
It’s affiliated with parent company Madison Capital Group, a real estate firm with garden-style apartment communities in the Southeast.
Madison Capital Group also owns Go Store It, a self-storage business, and BlueGate Boat & RV Storage.
