The Charlotte office of global real estate firm CBRE has arranged a $48.5 million loan for the refinancing of Wilmington apartment complex Element Barclay Station, according to a news release.
Located at 1841 Dusty Miller Lane, Element Barclay Station is a nine-building, 286-unit garden-style apartment complex completed in 2023. The complex includes one- to three-bedroom units that range in size from 746 to 1,582 square feet.
Nate Sittema, Kristen Reilley and Ben Hardee with CBRE Capital Markets’ Debt and Structured Finance team in Charlotte represented the borrower, a joint venture between Childress Klein and Cameron Management, the release stated. The 12-year fixed-rate loan was secured through a life company, according to the release.
“Element Barclay Station is the next step in Childress Klein’s vision for the Element Barclay master-planned community, which is evidence of the large migration and growth of Wilmington over the last few years,” stated Sittema, vice chairman with CBRE in Charlotte, in the release.
According to the release, Element Barclay Station represents the third phase of Element Barclay, which began with 258 apartment units in 2018 and continued with 147 more units delivered in 2019, the release stated.
