JLL Arranges $100.5M Construction Financing and Equity for Charlotte Multifamily Development

JLL Capital Markets has secured $100.5 million in construction financing and equity for Twelve03 at Centre South, a 329-unit mixed-income multifamily development located at 1203 S. Caldwell Street in Charlotte, North Carolina, the firm announced April 30, 2026.

JLL worked on behalf of developer The Fallon Company, arranging a senior construction loan through TD Bank U.S. and an equity placement from RXR Realty Investments. The transaction marks the first phase of Centre South, a larger 16.7-acre mixed-use development planned in partnership with Inlivian.

Project Details and Mixed-Income Structure

Twelve03 is a six-story building comprising 329 residential units — 263 market-rate and 66 deed-restricted affordable units. The affordable units represent 20% of the total unit count. The property sits at the intersection of South End, Dilworth, and Uptown, three established Charlotte neighborhoods, and is within walking distance of the Bland Street light rail station and near access to Interstate 77.

Planned amenities include a sky lounge with views of Uptown Charlotte, a rooftop saltwater pool, co-working spaces, a pet spa, and a fitness center.

The site is positioned adjacent to The Pearl, Charlotte's Innovation District anchored by Wake Forest University School of Medicine.

Centre South: A Larger Mixed-Use Vision

Twelve03 represents Phase 1 of the broader Centre South development. When complete, the full project is expected to include up to 975 apartments, 405,000 square feet of office space, 36,000 square feet of retail space, a 180-room hotel, and 1.5 acres of green space.

Capital Markets Team

JLL Capital Markets' Debt Advisory team led the financing effort, with Managing Director Taylor Allison, Senior Director Alexis Kaiser, and Associate Ryan Mueller heading the assignment.

"Twelve03 represents a rare opportunity to deliver a differentiated product at one of Charlotte's most irreplaceable locations," said Allison. "The Fallon Company's track record in large-scale mixed-use development, combined with the supply-constrained dynamics of South End and the transformative impact of The Pearl next door, made this an exceptionally compelling story for both the equity and debt markets."

About the Parties Involved

The Fallon Company, founded in Boston in 1993 by Joseph F. Fallon, has developed more than $6 billion in real estate representing over six million square feet, with offices in Boston, Charlotte, and Nashville. The firm is partnering with Inlivian on the Centre South development.

RXR Realty Investments, headquartered in New York, manages 108 commercial real estate properties and investments with an aggregate gross asset value of approximately $16.4 billion, comprising roughly 30.9 million square feet of commercial properties and a multifamily residential portfolio of approximately 9,400 units under operation or development as of September 30, 2025.

TD Bank U.S., one of the 10 largest banks in the United States by assets, operates approximately 1,100 locations throughout the Northeast, Mid-Atlantic, Carolinas, and Florida. It is a subsidiary of The Toronto-Dominion Bank, the sixth-largest bank in North America by assets.

JLL (NYSE: JLL) is a global commercial real estate services and investment management company with annual revenue of $26.1 billion and operations in over 80 countries. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.