Blackfin Secures $55M Refi for Raleigh Community

Blackfin Real Estate Investors has secured a $55 million refinancing loan for 403 West, a 384-unit garden apartment community in Raleigh, N.C. Truist Bank issued a three-year bridge loan, in a transaction arranged by Northmarq.

The current note will retire an existing $50.8 million acquisition loan issued by CrossHarbor Capital Partners in 2021, according to Yardi Matrix information. Blackfin purchased the asset in partnership with DivcoWest from Vie Management, for $59.1 million, or $153,906 per unit, the same source shows.

Apart from 403 West, Blackfin’s multifamily investment portfolio in North Carolina comprises 10 other assets, namely three in Wilmington, three in Charlotte, and another four in Pineville, Greensboro, Carrboro and Morrisville. Among the company’s latest acquisitions is Sage Creek Apartments in Augusta, Ga., bought with the help of an $11.4 million Fannie Mae loan.

A look at 403 West

Completed in two phases between 2002 and 2007, 403 West comprises 32 three-story buildings across a 42-acre site. The buildings enclose apartments with one- to four-bedroom layouts ranging from 487 to 1,432 square feet.

Community amenities include a resident lounge, fitness center, bike storage, pickleball court, resort-style swimming pool and children’s playground. Greystar, which ranked first in this year’s top apartment management companies, oversees day-to-day operations at the residential property.

Located at 403 Wolf Creek Circle, the community has access to interstates 40 and 440, as well as U.S. Routes 54 and 64. Downtown Raleigh is 6 miles east, while the Raleigh-Durham International Airport is less than 10 miles away. The property is also within 4 miles of several retail options, including Best Buy, Target, Michaels, and Lowe’s.

Northmarq Senior Vice President Faron Thompson and Vice President Grant Harris led the Southeast Debt and Equity team that arranged the refinancing deal on behalf of the borrower.