Banyan Residential Secures $65 Million Loan for SFR Project in North Carolina

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Banyan Residential secured a $64.5 million construction loan from wells fargo The loan for a 299-unit single-family rental community in Wilmington, North Carolina will be used to finance construction improvements at Banyan Silo Ridge, with the first homes expected to be completed in early 2023.

The development will span 75 acres and encompass 2, 3 and 4 bedroom single family and townhome style floor plans. Common area amenities include a fitness center, swimming pool, 4,000-square-foot clubhouse, fenced dog park, and landscaped grounds. Each home has an attached garage and private backyard. gray star plans to handle rentals in future properties.

Located at the intersection of Hogan’s Trail and Sidbury Road, Banyan Silo Ridge is close to Routes 17 and 140, providing easy access to downtown Wilmington. Several retail spaces, dining options and entertainment venues are opening soon. SFR communityCape Fear Community College, Wilmington International Airport, and Blue Clay Farm are within an 18-mile radius of the development.

Banyan Silo Ridge is expected to be fully completed by the end of 2024.

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