CBRE Secures $29.3 Million In Construction And Mezzanine Financing For Multi-Family Development In Raleigh, NC
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. The Dartmouth will be set apart by its crisp design, project amenities and unit mix, all geared toward modern urban living and providing residents with a social atmosphere.
“Kane has created one of the most desirable work-live-play sections in Raleigh,” continued Mr. 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.”
Kane Realty focuses on the development and management of premier retail, office, residential, and mixed-use properties. The Dartmouth is another addition to the 120-acre North Hills, a multi-faceted district, that Kane has been developing for the past 15 years.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
ABOUT KANE REALTY CORPORATION
Kane Realty Corporation (KRC) is a full service real estate development and management company focused on office, retail, multi-family and mixed-use properties of the highest quality. Based in Raleigh, NC since 1978, KRC is dedicated to the goal of creating irresistible places where people will naturally want to gather. Through meticulous attention to detail in every aspect of the property from design and construction management to leasing and property management, Kane’s mission is to build places that improve the quality of life of their businesses, their employees, residents and visitors. For more information, please visit www.kanerealtycorp.com.
ABOUT NORTH HILLS
Live, work, shop, dine, and play at North Hills, the heart of Midtown Raleigh. This innovative, multi-faceted district offers many options to work, live and stay a while— with four-star hotel rooms, Park and Market Apartments, Midtown Green Apartments, and The Alexan. Parks and many gathering spaces offer plenty of fresh air, while conveniences such as dry cleaning, banks, and a pharmacy are just a leisurely stroll away. Quality-of-life amenities are also at your fingertips, such as renewing spas, salons, and a state-of-the-art 60,000 square foot gym. Entertainment venues, such as a 14-screen cinema, Kings Bowl, World of Beer and the new Midtown Park, are right next door. Premier dining establishments, high-end boutiques, department stores, and cafés are all a few steps in any direction. For more information, please visit VisitNorthHills.com.