Houston-based L.J. Melody & Co. has arranged $20 million in construction financing for Magnolia Glen Retirement Community in Raleigh, N.C. Winston-Salem, N.C.-based Branch Bank & Trust provided the financing through Bill Hawthorne of L.J. Melody's Charlotte, N.C., office and Bruce Anderson in the company's Newport Beach, Calif., office. The two men acted on behalf of KRC Avalon Woods LLC.
Construction of the 152,000 sq. ft. Magnolia Glen Retirement Community began recently. The property will feature 10 duplexes and a 48-unit, 76-bed assisted living facility, in addition to a 140-unit apartment building.