Banner Refinances 224-Unit NC Property
The 224-unit Lincoln Apartments, located near Raleigh's city center, was completed in late 2015 and was 92 percent occupied as of January.
By Jeff Hamann
The Lincoln in Raleigh, N.C.
Banner Real Estate Group has landed $26 million in financing for The Lincoln Apartments, a 224-unit luxury housing community in Raleigh, N.C. The variable-rate note, held by MetLife, was used to refinance a prior, three-year construction loan of the same value. The initial mortgage, originated in 2014 and issued by KeyBank, was used to finance the ground-up construction completed in 2015, according to Yardi Matrix.
Located at 408 E. Hargett St. in downtown Raleigh, the five-story property sits within a 10-minute walk of the state capitol and is well served by the city’s public transportation system. The building includes a mix of studio, one- and two-bedroom apartments ranging in size from 553 to 1,392 square feet. Units feature wood-style flooring, granite countertops, stainless steel appliances, balconies, walk-in closets and full-size washers and dryers.
The community was 92 percent occupied as of January, according to Yardi Matrix. A fitness center, resort-style swimming pool with sundeck, pet spa, coffee bar and an attached parking garage complete with an electric car charging station are available for residents.
An HFF team of Matthew Schoenfeldt, Cory Fowler and Roger Edwards secured the note on behalf of the owner. Recently, Schoenfeldt also led a debt placement team that arranged a $125 loan for a Chicago residential tower.
Image courtesy of Yardi Matrix
