Residential Banyan secured a $64.5 million construction loan from Wells Fargo for a 299-unit single-family rental community in Wilmington, North Carolina. The loan will be used to finance construction improvements at Banyan Silo Ridge, with the first homes to be completed in early 2023. This is the company’s seventh SFR deal nationwide.
The development will span 75 acres and is expected to encompass two-, three-, and four-bedroom single-family and townhouse-style floor plans. Common facilities are expected to include a fitness center, swimming pool, 4,000 square foot clubhouse, fenced dog park and landscaped grounds. Each house will have an attached garage and a private garden. gray star will take care of the rental of the property to come.
Located at the intersection of Hogans Trail and Sidbury Road, Banyan Silo Ridge will be close to Routes 17 and 140, which provide easy access to downtown Wilmington. Several commercial, restaurant and entertainment spaces will be close to the future SFR community. Cape Fear Community College, Wilmington International Airport and Blue Cray Farms are within an 18 km radius of the development site.
Banyan Silo Ridge is expected to be fully completed by the end of 2024.