Bay 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-unit 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.
About Bay Point Advisors
Established in 2012, Bay Point Advisors LLC is a privately held firm based in Atlanta, Georgia specializing in customized, secured lending solutions across real estate and other industries, including entertainment, aviation, and natural resources. Since its inception, Bay Point Advisors has originated over $500 million of privately negotiated loans. For more information, please visit www.bay-pointadvisors.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210506005997/en/