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A joint venture between Space Craft and Swinerton has secured a $94 million financing package backing the development of 515 Parkwood Ave., an eight-story, 287-unit Class A multifamily community Charlotte, N.C.’s Mill District. Construction is slated to begin immediately. JLL Capital Markets arranged the financing.

The financing includes a $25 million limited partner equity commitment from a Japanese institutional investment firm, the identity of which could not immediately be learned, though it was disclosed that this deal is the company’s first real estate investment in the U.S. JLL’s International Capital Coverage team provided support with the capitalization.