MacFarlane Partners has provided the equity for the project, and Wachovia is the construction lender. A NCRC spokeswoman declined to cite the specific level of funding the two institutions would provide. She tells GlobeSt.com that the project in its entirety – including the value of the land and construction costs – has been estimated to be $23.4 million. NCRC donated the land in exchange for a portion of the profits.
Solea will have 60,700 sf of residential space, comprised of 59 condominium units of which 22 will be dedicated to affordable or low- to moderate-income families. There will be 4,800 sf of retail space, half of which will be leased at a discounted rate to local retailers, Trade Secrets and Zawadi. The tenant of a third retail space has not been determined.
Architect Sorg and Associates and construction company Gilford Corp. in partnership with Hamel Builders are also on the development team.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
