Capital Square Refinances Raleigh Tower with $105M Loan

Capital Square has refinanced Maeve, a newly built 20-story, 297-unit luxury community in the Warehouse District of Raleigh, N.C., with a $105 million loan from TPG Real Estate Finance. The mixed-use high-rise is located in an Opportunity Zone in downtown Raleigh. Walker & Dunlop arranged the floating-rate interest-only bridge loan.

The financing replaced an $80 million construction loan originated in November 2022 by First National Bank of Pennsylvania, according to Yardi Matrix data. The project was also funded through Capital Square’s sixth qualified Opportunity Zone fund, CSRA Opportunity Zone Fund VI, LLC.

The Economic Opportunity Zone census tract program was established by Congress through the Tax Cuts and Jobs Act of 2017 to encourage long-term investment in designated low-income communities through incentives such as deferred or reduced capital gains taxes. Capital Square, a Glen Allen, Va.-based national real estate firm, specializes in tax-advantaged real estate investments and is an active developer and manager of multifamily and BTR housing communities.

A Walker & Dunlop Capital Markets Real Estate Finance team consisting of Managing Director Alexandra Huffman, Senior Managing Director Justin Nelson and Associate Director PJ Feichtmeier arranged the loan for Capital Square, a longtime client.

More details about Maeve

Capital Square began construction on Maeve in summer 2022 and topped out the development in December 2023. The developer held a grand opening for the asset, which includes 10,000 square feet of ground-floor retail space, in April 2025. JDAVIS Architects was the building’s architect and EDSA served as the landscape designer. Other project team members included general contractor W.M. Jordan Co. and York Properties, which serves as the retail leasing agent.

Located at 319 West Lenoir St., Maeve has a mix of studio, one-, two- and three-bedroom apartments. The units range in size from 596 to 1,720 square feet, with an average of 954 square feet. Rents range from $1,706 to $7,500, according to Yardi Matrix data. Apartment interiors include exposed concrete ceilings, stainless steel appliances, luxury vinyl and tile flooring, modern cabinetry and in-unit washers and dryers. Select units have balconies or patios.

The building has a double-height lobby that connects to 30,000 square feet of amenities, including a resort-style pool, rooftop lounge, coworking spaces, a fitness center and golf simulator. The property also has more than 400 parking spaces in a multilevel structure.

Positioned at the nexus of the Boylan Heights neighborhood, Dorothea Dix Park and downtown Raleigh, Maeve is one of the few luxury apartment communities in the downtown submarket. The property is within walking distance of entertainment venues, restaurants, cultural landmarks and major employers. Its proximity to U.S. Route 70 provides quick connectivity to the Research Triangle, Duke University, the University of North Carolina at Chapel Hill and North Carolina State University.

Catching up on Capital Square projects

In February, Capital Square completed Chasen, a 352-unit multifamily property in the Scott’s Addition section of Richmond, Va. It is the firm’s fifth Opportunity Zone residential development in the neighborhood since 2020 and was funded with proceeds from Capital Square’s seventh qualified Opportunity Zone fund, CSRA Opportunity Fund VII, LLC. The property includes three six- and seven-story residential buildings above podium parking with more than 5,350 square feet of ground-level retail space.

Capital Square also constructed Scott’s Collection in the neighborhood. It is a trio of ground-up five-story projects totaling 209 units. The firm also teamed up with Greystar Real Estate Partners in a joint venture to develop The Otis, a 350-unit community. The properties are all within walking distance of Chasen.

In December, a joint venture between Capital Square and Sunstone Two Tree announced plans to break ground on a 21-acre, 238-unit BTR project in Buckeye, Ariz. The community will consist of 88 detached villas with three- and four-bedroom layouts and 150 townhomes with two- and three-bedroom floorplans. The property is about 25 miles west of downtown Phoenix.