CBRE Facilitates $42M Financing for Durham-Area Acquisition

Steve Heffner, Nate Sittema and Kristen Reilley from the company’s Charlotte office secured the Fannie Mae loan on behalf of the buyer, Centennial Holding Co.

By Laura Calugar

The Reserve at Park Place in Morrisville, N.C.

The Reserve at Park Place in Morrisville, N.C.

The Debt & Structured Finance team at CBRE Capital Markets has arranged $42.2 million in financing for the acquisition of The Reserve at Park Place, a 312-unit community in Morrisville, N.C. The firm represented the buyer, Centennial Holding Co. Executive Vice President Steve Heffner, together with Vice Presidents Nate Sittema and Kristen Reilley, were part of the CBRE Charlotte team that secured the Fannie Mae loan. According to Yardi Matrix data, Youngquist Homes is the former owner of the newly built asset.

Located at 4531 Langdon Drive, the community is proximate to North Carolina’s Research Triangle Park. Completed last year, the luxury property comprises 13 residential buildings, eight detached garage buildings, a clubhouse and a maintenance facility. Amenities include:

  • a saltwater pool
  • clubhouse
  • car wash facility
  • dog park and spa
  • fitness center
  • 582 parking spaces

Attractive location

The Reserve at Park Place is in close proximity to the area’s largest employment hubs, which currently employ more than 70,000 workers. Major employers in the area include Quintiles, IBM, Cisco, Lenovo and Fidelity. The community is just 10 miles from Durham, N.C., and provides easy access to the junction between interstates 40 and 540, as well as the Raleigh-Durham International Airport. Educational institutions such as NC State, Duke University, or UNC – Chapel Hill are also at a short commute from the asset.

“The property’s high-end finishes and central location coupled with the continued stability of the Raleigh metropolitan statistical area offered the buyer a compelling opportunity in the market. We were able to structure the acquisition loan via a near-stabilized financing execution to facilitate the buyer’s targeted leverage and timing to close the acquisition prior to the community reaching stabilization,” said Heffner, in a prepared statement.

The same CBRE team secured an $82.5 million loan for the acquisition of the 478-unit Camden Summerfield community in Landover, Md. The company worked on behalf of the same buyer to secure the 10-year Fannie Mae loan.

Image via Google Street View

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