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A partnership between Capital City Real Estate and Pennington Real Estate Partners has secured $48 million in construction financing for The Mill, a 281-unit Class A project in Charlotte, N.C.

Concord Summit Capital arranged the financing in the form of a syndicated note bearing a 62 percent loan-to-cost structure.

Located on more than 3 acres in an opportunity zone next to the Sugar Creek Blue Line LYNX Station, the development is taking shape in the North Davidson neighborhood, roughly 4 miles northeast of downtown Charlotte. U.S. Route 29, as well as several retail and quick-service restaurants, are within walking distance.