CHARLOTTE, Nov. 7, 2025 – JLL Capital Markets announced today that it has secured a $69.4 million construction financing for 1817 Central, a 341-unit Class A mid-rise wrap multifamily development in Charlotte's vibrant Plaza Midwood neighborhood.

JLL worked on behalf of the borrower, an Ares Real Estate fund (“Ares”), in arranging a four-year, floating-rate loan through United Bank.

Leveraging the vertically integrated capabilities of its multifamily investment platform and the team’s strong local presence across high-demand, high-growth markets in the U.S., Ares acquired the site in September 2025 and will lead the development of 1817 Central. Groundbreaking is scheduled before year-end and construction completion is anticipated in 2028.

1817 Central will feature a seven-story wrap design with 269,583 square feet of rentable space and will offer studios, one-, two- and three-bedroom units with an average unit size of 791 square feet. The development includes premium amenities including a fitness center, rooftop sky lounge with outdoor space, multiple courtyards, library, pet spa and 472 parking spaces.

Strategically located at 1817 Central Ave, the development sits in the heart of Plaza Midwood, Charlotte's trendy district known for its eclectic mix of restaurants, breweries, shops and vibrant nightlife. The location boasts an 85 Walk Score and provides easy access to Central Avenue's 29,000 vehicles per day, positioning residents just two miles from Uptown Charlotte and its over 115,000 employees.

Plaza Midwood has experienced exceptional growth with a 43.4% population increase between 2010 and 2025, resulting in a young demographic with a median age of 32 and average household income of $159,398 within a one-mile radius. 1817 Central is well-positioned to meet the area’s significant demand for new multifamily residential availability.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Travis Anderson, Director Kate Rathman and Associate Nick Thornton.

"Plaza Midwood's unique character combined with Charlotte's robust economic growth creates an exceptional opportunity for multifamily development," said Anderson. "The limited supply pipeline and strong demographics in this highly desirable neighborhood position 1817 Central to be a premier offering in one of Charlotte's most sought-after submarkets."

Ares Real Estate aims to deliver and invest in thoughtfully designed, sustainable communities that align with local market trends and tenant preferences while supporting long-term value for investors. The platform’s multifamily capabilities span acquisitions, development, structuring, construction management and asset management.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. Ares seeks to advance their stakeholders’ long-term goals by providing flexible capital that supports businesses and creates value for their investors and within their communities. By collaborating across their investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2025, Ares Management Corporation's global platform had over $572 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

United Bank is a premier community bank and a subsidiary of United Bankshares, Inc. (NASDAQ: UBSI). United has consolidated assets of approximately $33 billion with over 240 offices located across North Carolina, South Carolina, Georgia, Virginia, West Virginia, Maryland, Ohio and Pennsylvania, as well as Washington D.C. The Bank is dedicated to growing the relationships it has built since 1839 and offering a competitive suite of banking and lending products, treasury management, wealth management, mortgage services, personal and business credit cards and more. For more information, visit BankWithUnited.com.