CBRE Arranges $48.5 Million Refi for Element Barclay Station Apartments in Wilmington, North Carolina

CBRE has arranged a $48.5 million loan for the refinancing of Element Barclay Station, a 286-unit garden-style apartment complex in Wilmington, North Carolina.

Nate Sittema, Kristen Reilley, and Ben Hardee with CBRE Capital Markets’ Debt and Structured Finance in Charlotte represented the borrower, a joint venture between Childress Klein and Cameron Management. The 12-year fixed-rate loan was secured through a life company.

“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,” said Mr. Sittema, vice chairman with CBRE in Charlotte.

Located at 1841 Dusty Miller Ln, Element Barclay Station is a nine-building, 286-unit garden-style apartment complex that was delivered in 2023. The complex includes one- to three-bedroom units that range in size from 746 square feet to 1,582 sq. ft. Community amenities include a pool, fitness center, game room, and dog park. Element Barclay Station represents the third phase of Childress Klein’s Element Barclay master-planned community, which began with the delivery of 258 apartment units in 2018 and continued with 147 more units delivered in 2019.

As one of the largest privately-owned, comprehensive real estate companies in the Southeast, Childress Klein has developed more than 57 million sq. ft. of diverse commercial real estate and holds assets amounting to over $3.5 billion. Founded in 1988, the company employs more than 120 people across the Southeast.