CBRE secures $29M financing package for apartment project
CBRE Capital Markets’ Debt & Structured Finance team has secured $29.3 million in construction and mezzanine financing for the development of The Dartmouth, a 171-unit, mid-rise residential project located at 104 Dartmouth Road, Raleigh, North Carolina.
Mark Fisher and Alex Furnary of CBRE’s Midtown Manhattan office arranged and coordinated the loans on behalf of Kane Realty Corp. The first mortgage loan is a $24.5 million construction loan made by SunTrust Bank. The $4.8 million mezzanine debt was provided by Federal Capital Partners.
“With sub 2.5% construction financing, the blended rate of the capital stack was extremely appealing,” said Mr. Fisher. “Both SunTrust and FCP did a tremendous job with their respective loans.”
Located on the corner of Dartmouth Road and Saint Albans Drive, in the Park District at North Hills, the project will consist of five residential levels on top of a two-level parking deck. The first units will be delivered in Q3 2016.
“Kane has created one of the most desirable work-live-play sections in Raleigh,” continued Fisher. “The Dartmouth is surrounded by hundreds of high-end apartment units and within walking distance to several restaurants, hotels, parks, retail and entertainment venues.”