Widewaters Group Refinances Raleigh-Area Property With $51M Loan
It was the firm’s first multifamily project, built in 2019.
The Widewaters Group Inc. has landed a $50.5 million refinancing loan for Parkstone at Knightdale, a 350-unit luxury multifamily community located in the Raleigh suburb of Knightdale, N.C. Freddie Mac provided the loan, which was arranged by Walker & Dunlop.
Two previous loans secured the property, which was completed in 2019. In October 2017, Manufacturers and Traders Trust Co. originated a $33.4 million construction to permanent loan. In October of 2019, following the property’s delivery to market, the funds converted to $15.1 million in permanent financing from the same bank, according to Yardi Matrix data.
A Walker & Dunlop Capital Markets Institutional Advisory team led by Senior Managing Directos Aaron Appel, Jonathan Schwartz, Keith Kurland and Adam Schwartz, Managing Director Sean Reimer and Director Jackson Irwin arranged the refinancing on behalf of Widewaters. The transaction was appraised by Apprise, Walker & Dunlop’s independent, third-party platform for valuation, data, risk mitigation and advisory services.
A peek at Parkstone
Parkstone at Knightdale spans 13 three- and four-story buildings on 20.25 acres. It has a mix of one-, two- and three-bedroom units ranging in size from 845 to 1,317 square feet, with an average of 1,076 square feet. The mean rent is $1,503, according to Yardi Matrix data. Occupancy is approximately 91 percent, the same source shows.
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The residences feature granite countertops, stainless steel appliances, kitchen islands, walk-in closets, hardwood flooring, private balconies or patios and full-size washers and dryers.
Community amenities include a resort-style pool, a fitness center, a yoga studio, a playground, a pet spa, resident storage units and an outdoor lounge with a grilling station. The property has a total of 525 parking spaces. Detached garages are available for an additional monthly fee.
What’s nearby
Located at 1001 Park Commons Drive in Knightdale, N.C., the property has direct access to Interstate 540. It is also near Interstate 87 and U.S. Highway 64. Parkstone at Knightdale is less than 10 miles, or 15 minutes, from downtown Raleigh. The community is also located about 30 to 35 minutes from Raleigh-Durham International Airport and Research Triangle Park.
Widewaters is a commercial real estate development, acquisition and management firm specializing in multifamily, retail, hospitality, office and industrial assets across North America. The firm is headquartered in Syracuse, N.Y., with offices in Charlotte, N.C. and Salt Lake City, having developed or acquired more than 13 million square feet of real estate valued at more than $2 billion.
Parkstone at Knightdale was the firm’s first multifamily project. With a focus on the Carolinas, Georgia, Florida, Utah and Arizona, the company has five additional projects, including three in various stages of development.
