A two-member team from Dockerty Romer & Co., a Delray Beach-based commercial real estate mortgage bank, secured a $36 million mortgage on an apartment building in Charlotte, North Carolina.
Dockerty Romer principal Craig Romer and director Chris Romer obtained the loan for Woodfield Development and a global real estate investment fund from PNC Bank.
Woodfield Development, a multifamily and mixed-use developer and operator, developed Circa Uptown in the Third Ward neighborhood, home to Bank of America Stadium and the BB&T Ballpark.
The company owns Circa Uptown in a joint venture with the global real estate investment fund, which also was involved with the development of the building, Craig Romer said. He declined to identify the investment arm.
The financing was needed in time to repay a construction loan taken out on the building.
The Romers closed the deal in 60 days, securing the mortgage Nov. 14, which also was the due date on the expiring loan.
“We had a very definite time frame that we had to be able to close the loan in due to the maturing construction loan,” Craig Romer said. “The borrower didn’t want to have to request an extension, so we had a date certain to be able to close by,”
That meant Craig and Chris Romer, who are cousins, had to multitask to finish the deal in time.
“You just have to kind of multitrack some of the process. While going through an approval process, we had to begin the legal process at the same time,” Craig Romer said.
“Both the borrower and the lender worked very well together in an effort to reach a successful outcome,” Chris Romer said in a news release. “PNC provided an excellent debt structure which will allow our client to execute on their business plan for this asset.”
Circa Uptown is a five-story, 243-unit luxury apartment building touted for its location and amenities.
It’s across the street from the BB&T Ballpark, which hosts the minor league Charlotte Knights baseball team, and it’s a short walk from the Bank of America Stadium, the home of the Carolina Panthers.
It also is within walking distance of major employers, Craig Romer said.
“They’ve got a wide array of community and unit amenities. In my opinion, it was really constructed to a condominium quality,” he said.
Some of the amenities at Circa Uptown include a concierge, a heated saltwater pool with a cooling lounge, gym, yoga studio, organic coffee bar, storage units, online rent payment and maintenance request system, pet spa, and valet dry cleaning and laundry services, according to its website.
It was completed in 2016 and has been stabilized. It offers one-, two- and three-bedroom apartments.
One-bedroom apartments range from more than 600 square feet to 949 square feet and the rents range from $1,295 to $1,997, according to the Circa Uptown website. Two-bedroom apartments range from slightly more than 1,000 square feet to 1,326 square feet with a rental range of $1,845 to $2,971. The 1,396-square-foot, three-bedroom apartments rent for $2,983 to $3,208.
For Dockerty Romer & Co., out-of-state deals are the outliers, Craig Romer said.
“I certainly do out-of-state business, but I would say the majority of our transactions are within the state of Florida. Maybe 65 percent of our business is in Florida, 35 percent is out of Florida,” Craig Romer said. “Instead of getting in the car to go to the property or meet lenders at the property, I have to get on an airplane to go do it. But it’s just an airplane ride away.”