$51M construction loan secured for single-family BTR community in Raleigh, NC

WASHINGTON, D.C., Feb. 10, 2025 – JLL Capital Markets announced today that it has secured a $51.2 million financing for Mailman Post, a 302-unit single-family build-to-rent (BTR) community in Knightdale, North Carolina, being developed by Turnbridge Equities.

JLL worked on behalf of Turnbridge Equities in arranging the non-recourse loan through a regional bank.

Mailman Post, located on a 74-acre site just 15 minutes from downtown Raleigh, will offer a mix of two- through five-bedroom units averaging approximately 1,650 square feet across two- and three-story buildings. Each unit will feature its own backyard, garage and front porch. The development includes 21.6 acres of open space, with 4.5 acres dedicated to active recreation areas featuring pickleball and bocce courts, a putting green, playing fields, a dog park and multiple tot lots. Residents will enjoy access to a clubhouse with a fitness center, resident lounge and coworking space, along with a resort-style outdoor pool.

Strategically located at 409 and 438 Mailman Rd. in Knightdale, the project offers excellent connectivity to the Raleigh-Durham metro area. Its proximity to the I-87 and I-540 freeways ensure quick access to Raleigh, Research Triangle Park and other major employment centers. Residents will also enjoy easy access to shopping and entertainment options, as well as numerous parks and golf clubs in the surrounding area for recreational purposes.

The Raleigh-Durham region continues to experience strong population and job growth, attracting major corporate relocations and expansions and has been among the fastest-growing metropolitan areas nationally over the past decade. Knightdale, located in Wake County, has seen its population grow by 229% since 2000, representing a 5.3% CAGR.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Paul Spellman, Chris Peck and Ward Smith.

"The successful arrangement of construction financing for Mailman Post demonstrates the growing appeal of build-to-rent communities in high-growth markets like Raleigh-Durham," said Spellman. "This project's strategic location, comprehensive amenities and strong sponsorship position it well to meet the increasing demand for single-family rental housing in the area."

Turnbridge Equities, an institutional real estate investment firm with a track record of successful developments, began horizontal site work in November 2024 and plans to start vertical construction in December 2025, with unit deliveries expected to begin in July 2026.

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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Founded in 2015 by Andrew Joblon, Turnbridge Equities is a vertically integrated SEC-registered real estate investment and development firm with a demonstrated track record of success across a wide range of asset classes and markets. Since inception, Turnbridge has invested or managed over $4 billion of capital across two managed funds and multiple co-investment vehicles. The firm pursues uniquely diversified investment strategies and a highly selective market entry process that creates long-term value for investors, occupants and end users. Turnbridge is headquartered in New York City with additional offices in Washington D.C., Los Angeles, Austin and Miami. To learn more, please visit www.turnbridgeeq.com.