Banyan Residential has secured a $64.5 million construction loan from Wells Fargo for a 299-unit single-family rental community in Wilmington, N.C. The loan will be used to finance construction improvements at Banyan Silo Ridge, with the first homes slated for completion in early 2023. This marks the company’s seventh SFR deal nationwide.
The development will span across 75 acres and is slated to encompass two-, three- and four-bedroom single-family and townhome-style floorplans. Common-area amenities are set to include a fitness center, a swimming pool, a 4,000-square-foot clubhouse, a fenced dog park and landscaped grounds. Each home will have an attached garage and private backyard. Greystar will be handling leasing at the upcoming property.
Located at the intersection of Hogans Trail and Sidbury Road, Banyan Silo Ridge will be close to routes 17 and 140, which provide easy access to downtown Wilmington. Several retail spaces, and dining and entertainment venues will be close to the upcoming SFR community. Cape Fear Community College, Wilmington International Airport and Blue Cray Farms are within an 11-mile radius from the development site.
Banyan Silo Ridge is scheduled for full completion toward the end of 2024.
