JLL Arranges $19.985M Acquisition Financing for ESJ Capital Partners at 144-Unit Kannapolis Multifamily Community

JLL Capital Markets has arranged $19.985 million in acquisition financing for The Bridges of Cabarrus, a 144-unit garden-style multifamily community in Kannapolis, North Carolina, the firm announced Sept. 17, 2026. ESJ Capital Partners secured the fixed-rate loan through Pearlmark as part of a value-add investment strategy at the Charlotte-area asset.

Deal Structure and Financing Terms

JLL worked on behalf of ESJ Capital Partners and Rosa Beaulieu to secure the fixed-rate acquisition financing through Pearlmark. The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Brian Gaswirth and Director Brad Woolard, along with Analyst Luke Maganas.

The loan structure was designed to provide rate certainty during a period of interest rate volatility while preserving prepayment flexibility for the borrower once the value-add business plan is executed. The financing implies a debt basis of approximately $138,800 per unit, consistent with ESJ Capital Partners' focus on the $20 million to $100 million middle-market segment.

"The Bridges of Cabarrus represents a compelling combination of high-quality 2021 vintage construction, strong occupancy fundamentals and immediate proximity to one of the nation's fastest-growing employment corridors," Brian Gaswirth said. "The fixed-rate loan structure provided the borrower with surety while closing with rising interest rates while also allowing for prepayment flexibility once the value-add business plan is completed."

Property Overview: The Bridges of Cabarrus

Located at 101 Three Mile Loop in Kannapolis, NC 28083, The Bridges of Cabarrus is a 2021-vintage property comprising six three-story buildings on a 15-acre site. The community offers one-, two-, and three-bedroom floor plans, with one-bedroom units averaging approximately 927 square feet, two-bedroom units ranging from roughly 1,151 to 1,285 square feet, and three-bedroom units at approximately 1,329 square feet.

In-unit amenities include SmartHome technology, granite countertops, stainless steel appliances, and nine-foot ceilings. The property is positioned to deliver above-average finishes for the Kannapolis submarket at workforce-housing rent levels, with advertised rents starting from approximately $1,295 per month for one-bedroom units, $1,495 to $1,595 per month for two-bedroom units, and from approximately $1,600 per month for three-bedroom units. The community is currently operating at 97% occupancy.

Location and Market Drivers

The property sits less than one mile from Interstate 85, which carries approximately 88,000 vehicles per day, providing residents a 25-minute commute to Uptown Charlotte and placing the asset within the Charlotte MSA's northward expansion corridor. Charlotte Douglas International Airport, which serves approximately 54 million passengers annually, is accessible within 30 minutes.

The immediate employment base includes the NC Research Campus, a 350-acre life sciences hub employing more than 1,000 professionals focused on health and nutrition innovation; Atrium Health Cabarrus; Amazon distribution facilities; and the Haas F1 Team global headquarters.

Cabarrus County has attracted significant corporate investment in recent years. Eli Lilly announced a $1 billion, approximately 700,000-square-foot pharmaceutical manufacturing campus expected to create nearly 600 jobs. Red Bull and Rauch Manufacturing committed $740 million to a 2.2 million-square-foot campus, described as one of the largest manufacturing investments in North Carolina history.

Charlotte MSA Context

The broader Charlotte metropolitan area, with a population of approximately 2.8 million, ranks third in the United States for annual population growth. The region posted year-over-year job growth of 1.46%, significantly above the national average of 0.06%, and ranks as a top-five market for net in-migration according to the U-Haul Growth Index. These dynamics underpin demand for attainable multifamily housing in suburban submarkets such as Kannapolis, where garden-style communities at workforce-oriented rent levels serve households employed across the county's industrial, healthcare, and logistics sectors.

About the Firms

ESJ Capital Partners is a management-owned, vertically integrated real estate investment firm founded in 2008 and headquartered in Aventura, Florida, with a regulated fund platform in Luxembourg. The firm has completed more than $1.2 billion in transaction volume across 70 acquired projects, with more than $200 million in equity under management and a 12% average internal rate of return across 54 realized projects. The firm sources 87% of its deals off-market or with limited competition.

Pearlmark is a Chicago-based investment firm that targets domestic core-plus to value-add real estate opportunities. Since 1996, the Pearlmark team has sponsored more than 15 real estate equity and debt investment programs and completed 613 transactions representing $6.3 billion in equity capital commitments, $14.7 billion in gross investment value, and 188 originated loans aggregating more than $2.6 billion in commitments.

JLL Capital Markets offers debt advisory, investment sales and advisory, equity and fund placement, and related services through a global team of more than 3,000 specialists in nearly 50 countries.

Sources

JLL Newsroom — Financing Secured for Charlotte-Area Multifamily Community (Sept. 17, 2026)