Austin Lawrence Partners Lands Refi for Durham Luxury High-Rise

Asia Capital Real Estate provided the loan to refinance existing debt for the $86 million One City Center.
One City Center. Image courtesy of Asia Capital Real Estate

Austin Lawrence Partners has refinanced existing debt on One City Center, a 28-story, Class A mixed-use property in Durham, N.C., that has 139 residences, with a $34 million short-term bridge loan from global real estate private equity firm Asia Capital Real Estate.

Provided through the ACRE Credit debt fund, the two-year loan carries a Loan-to-Value ratio of 66.4 percent with options for two single-year extensions. JLL Managing Director Roger Edwards was the lead broker for the deal.

Located at 110 Corcoran St., the $86 million One City Center is a mixed-use tower featuring 109 market-rate apartments and 30 owner-occupied condominiums, which were 88.1 percent occupied when the building opened in January.

The tower, built and delivered by Austin Lawrence Partners in 2019, includes 130,000 square feet of office space and 22,000 square feet of ground-floor retail owned by Armada Hoffler Properties Inc. Duke University leases 55,000 square feet of office space.

Residents of the luxury apartment community have access to a full suite of modern amenities including a rooftop pool and hot tub with views of downtown Durham; a rooftop lounge with kitchen; fitness center; sixth floor resident park with seating areas, grills and a fire pit; private dog run; secure parking in a 122-space parking garage. Units feature floor-to-ceiling windows, 9-plus-foot ceilings; stainless steel appliances; custom quartz countertops; oversized balconies and skyline views.

ACRE Head of Origination Daniel Jacobs said in a prepared statement One City Center was a first-of-its-kind luxury high-rise for downtown Durham that has already had success in residential and office leasing, including attracting strong office tenants like Duke University. He noted Durham is among a number of secondary markets in the South and Sun Belt where the multifamily sector is thriving due to strong job growth and increasing migration to those areas.