Space Craft has obtained $132.9 million in debt and equity for the development of 2125 N Davidson, a 389-unit project in Charlotte, N.C. JLL Capital Markets arranged the capitalization on behalf of the borrower.
The financing package includes a $98.4 million construction loan from TYKO Capital, public records show, as well as $34.5 million in LP equity placement from a pair of Japan-based institutional investors. Project partners also include general contractor Swinerton.
Scheduled for completion in the summer of 2026, the community will encompass studio and one- to three-bedroom floorplans, averaging 762 square feet. Units are expected to feature quartz countertops and stainless steel appliances. Additionally, there will be some 13,751 square feet of ground-floor retail space expected to be leased to boutiques, coffee shops and local businesses.
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Common-area amenities are set to include a rooftop patio, a courtyard, fitness rooms and coworking space with coffee or breakfast nook. There will also be car and e-bike share services.
The transit-oriented community will rise at 2125 N. Davidson St. within the Mill District, close to several dining options. Queen City Quarter shopping mall, Founders Hall business center and Spectrum Center arena will be within 2 miles. Charlotte Douglas International Airport will be some 9 miles southwest.
Space Craft and Swinerton partnered before for the development of The Joinery, a two-phase mixed-use project located less than a mile from 2125 N Davidson. The two-building community encompasses 361 units.
The JLL Capital Markets team that represented Space Craft included Senior Managing Director Travis Anderson, Managing Director Cory Fowler, Director Warren Johnson and Associate Ryan Pride, together with JLL’s U.S. International Capital Coverage team and Naoki Hasegawa, based in Tokyo.
Charlotte’s growing multifamily pipeline
According to Yardi Matrix information, there are currently more than 155 properties—about 37,580 units—under construction in the metro. Developments include Third & Urban’s 335-unit project in the NoDa Arts District, scheduled for completion next summer. The community is part of a mixed-use development dubbed The Pass, which will also consist of some 260,000 square feet of retail and office space.
In September, Canyon Partners formed a joint venture with the NRP Group for the development of a 392-unit multifamily project to also take shape in NoDa. That property is expected to come online in early 2026.
