"Developer Advances $90M Project In Quiet North Carolina Town"

​A $90 million project is making headlines as the Triangle Business Journal shares the latest on a major development set to transform a small North Carolina community.

"Developer Advances $90M Project In Quiet North Carolina Town"
​by Kayli Thompson 

An Orange County town is about get a jolt of growth in the form of hundreds of apartments and townhomes.
The Beach Company of Charleston, South Carolina, will soon start vertical construction on its 346-unit project, Persimmon at Cates Creek, in Hillsborough between interstates 40 and 85. Site work was completed in 2025. 

“We have a lot of confidence in this submarket just because of the lack of new product there. This is really an untapped area,” said John Reyna, development manager for The Beach Company. “We saw an opportunity to provide housing that is of the same quality as market rate, Class A units in Chapel Hill and Durham. But price them at a discount to those areas." 

With its location along Interstate 40/85, more companies and developers are starting to take interest in Hillsborough. French manufacturer CITEL is moving its U.S. headquarters into the former Stihl facility. Capkov Ventures is planning a 99-acre mixed-use project, and Barrister Commercial Group is building a 2.4 million-square-foot industrial park.

The Beach Company’s confidence in Hillsborough— with a population of around 10,000 — is what pushed the company to start site work on the $90 million development last year before it had even received financing. The company secured financing in December. Larson Capital Management provided $35 million in equity while a $54 million construction loan came from First Horizon Bank.
“We also thought that getting started would help attract equity on the site,” Reyna said.
The Beach Company will start vertical construction on the 30 townhomes first with delivery of the first units expected in December. Construction on the 316 apartments will begin shortly after the townhomes with completion targeted for 2027.
The apartments will have one-, two-and three-bedroom layouts while the townhomes will have two and three bedrooms. The apartments will range from 760 to 1,600 square feet.

The two-bedroom townhomes will be a 1,250-square-foot flat stacked on top of the 1,560-square-foot three-bedroom townhomes. Each townhome will have its own single-car garage with direct access to units.

Amenities for the rental community will include a swimming pool, picnic areas, fitness center, entertainment lounges and a community club room.
Rental rates have not been set.
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Persimmon at Cates Creek will be on 25 acres along Old N.C. Highway 86. The Beach Company also owns 13 acres adjacent to Cadence at Cates Creek, where Reyna said the company is planning about 100 townhomes. The Beach Company also owns a parcel at the corner of Old N.C. Highway 86 and Cates Creek Parkway, which it is flagging for retail uses.

Read the full article in The Triangle Business Journal
Click the link below 
"Developer Advances $90M Project In Quiet North Carolina Town"