By Adina Marcut
HFF has arranged $31.5 million in financing for the development of Hillstone Alston Town Center, a 205-unit community in Cary, N.C. Senior Managing Director Travis Anderson and Senior Directors Cory Fowler and Roger Edwards were part of the team that represented the developer, Leon Capital Group. HFF secured a $21.3 million floating-rate loan through UBTNC, a Union Bank & Trust division, and $10.2 million in preferred equity from Marble Capital.
The four- and five-story property will be located off Highway 55 and less than a mile of Interstate 540 in Cary’s Panther Creek neighborhood. The community will consist of a mix of floor plans averaging 948 square feet. Each unit will feature granite countertops, stainless steel appliances, custom wood cabinetry, oversized soaking tubs, walk-in closets, faux wood flooring and private balconies.
Once completed, in 2019, Hillstone Alston Town Center will offer common amenities such as:
- swimming pool
- grilling area
- fitness center
- entertainment lounge with Wi-Fi cafe
- community conference center
- pet park
The community will be adjacent to Alston Town Center, a newly-built, 550,000-square-foot Whole Foods-anchored shopping center. Earlier this month, HFF obtained joint venture equity for a similar project—PDG Parker, a garden-style Colorado community.
Image via Google Street View
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