By Eliza Theiss, Associate Editor
Southwood Realty Company Inc., a privately owned property management company headquartered in Gastonia, N.C., has secured first mortgage refinancing of $16.5 million for The Village of Ballantyne—the company’s 240-unit multifamily property located in Gastonia. According to CoStar Group, Bill Matone—NorthMarq Capital’s Charlotte Regional Office senior vice president and managing director—arranged the 10-year-term loan, which has a 25-year amortization schedule.
Located at 2380 Ballantyne Dr., the 997,112-square-foot community is 22 miles from Charlotte, ensuring quick access to the Queen City. The 2006-built property offers one-, two- and three-bedroom units featuring 9-foot ceilings, granite countertops, ceiling fans, energy-efficient central heat and air, wood cabinets and outside storage, among other things. Community amenities include a 24-hour fitness center, saltwater pool, clubhouse, picnic area, grilling stations, a dog park and parking lot.
In other news, the Catawba County Board of Commissioners has approved architectural plans for the Sherills Ford Branch Library. The 10,000-square-foot library is to be built on 2.5 acres at the intersection of Highway 150 and Sherills Ford Road. The project is expected to break ground in mid-2013 and be completed in 2014.
The bidding process for selecting a contractor is expected to start soon. Funding for the project was set aside by the Board over several years, accumulating the necessary $2.9 million. Designed by Jenkins-Peer Architect, the building will be brick-clad and feature an atrium entrance, a children’s area and landscaped outside area. Public meeting space will be generous. Plans call for a structure that is both economically and environmentally conscious.
Photo courtesy of The Village of Ballantyne’s Facebook page
Chart courtesy of Marcus & Millichap