Major uptown development faces delay due to financing

CHARLOTTE — The joint venture leading the Brooklyn Village development is struggling to secure financing for the first phase of the project, which is likely to delay the start of construction.

Don Peebles, executive vice president of The Peebles Corp., told Charlotte Business Journal on Friday that financial constraints will hinder progress for now. Peebles said he sent a technical notice of delay to Mecklenburg County last month informing them of the challenges spurred by high interest rates and the tight lending market.

“We went out to market and received feedback. At that point, we sent notice to the county,” he said. “There is a lot of stress on banking and commercial markets, so a lot of lenders that would typically allocate dollars are working though their own balance sheets.”

Keep reading on CBJ’s website here.

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