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HomeArchitectureBerkadia secures $47 million construction loan to build apartments in Cumberland County

Berkadia secures $47 million construction loan to build apartments in Cumberland County

Berkadia says construction financing has been secured for a 360-unit garden-style multifamily development in Fayetteville. Berkley Hall Companies is the general contractor, BSB Design is the architect, and Site Design Inc. is the civil engineer for The One at Hope Mills.

City National Bank of Florida with Abanca provided the $47 million floating rate construction loan for the project, The One at Hope Mills. Construction is expected to begin in the third quarter of this year and will be completed in 2024.

Located 3680 Elk Road, the development includes 11 three-story buildings and a clubhouse on a 46-acre site near downtown Fayetteville. Community amenities will be added with a resort-style pool, an outdoor cabana with TV’s, a game room with billiards and shuffleboard, and a state-of-the-art fitness center amongst many others.

The One at Hope Mills benefits from its proximity to several retailers including the high-end grocer Harris Teeter and the area’s main retail corridor, N Main Street. The property also will benefit from the expansion of I-295 Outer Loop, which will provide excellent interstate connectivity for the region and a direct connection from Fort Bragg to I-95 south of the city.

“We’re thrilled to present our second residential development in the Fayetteville metro area,” said Jeronimio Hirschfeld, president and CEO of sponsor One Real Estate Investment (OREI). “This project represents a unique and very exciting opportunity that capitalizes on continued growth in the market.

“We look forward to expanding our presence throughout the Southeast region with additional development opportunities in high growth markets with strong fundamentals.”

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