TMCnet News
Bay Point Advisors Closes $7 Million Preferred Equity Investment in Residential Development Planned for Asheville, NCBay Point Advisors, LLC has finalized a $7 million preferred equity investment in a planned residential site in Asheville, NC, to be developed by Catalyst Capital Partners, a Charlotte-based firm focused on residential, multi-family and commercial projects throughout the Southeastern U.S and Stonehenge Real Estate Group, a Nashville-based firm focused on multi-family projects throughout the Southeastern United States. Located at 20 South Bear Creek Road in the Morningside Park neighborhood of Asheville, the fully zoned and entitled 55-acre tract of open land will be subdivided into three parcels: Phase 1 & 2 will each consist of 12 acres for the construction of 260 conventional multi-family units; Phase 3 is a 7-acre parcel to be developed as a 140-uit senior living community. The developer intends to connect the site to the Asheville Greenway, offering residents a less-than-10-minute bike ride to downtown Asheville. With its affordable home prices, low taxes and scenic Blue Ridge Mountains, Forbes named Asheville among its 2020 Best Places to Retire.
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