CBRE Secures $33M Acquisition Loan for New Durham Property

Chaucer Creek Capital is the new owner of 54 Station, a 264-unit community completed last year. The company plans to build an additional 24-unit building.
54 Station
54 Station

CBRE has secured a $33 million loan for 54 Station, a 264-unit community in Durham, N.C. Chaucer Creek Capital purchased the 2018-built asset with the intent to construct an additional 24-unit building. According to Yardi Matrix data, Brown Investment Properties is the former owner of 54 Station.

Located at 1415 E. N.C. Highway 54, the property offers easy access to Research Triangle Park, UNC-Chapel Hill, Duke University, RDU International Airport and downtown Durham. The 11-building community includes a swimming pool, outdoor kitchens, a fitness center and a fire pit. The planned addition is set to serve the same scope and feature the same finishes as the original three-story buildings.

“The community has fantastic accessibility and visibility right along Highway 54 and benefits from close proximity to vibrant shopping and entertainment options, excellent demographics and easy access to the employment nodes. … This is the second bridge loan between the sponsor and MF1 over the last few months,” said Kristen Reilley, vice president of CBRE, in prepared remarks.

CBRE Capital Market’s Debt & Structured Finance team in Charlotte including Reilley and Vice President Nate Sittema led the capital markets efforts to secure the MF1 bridge loan for the buyer. MF1 is a mortgage REIT solely focused on providing capital to the multifamily sector. Last year, the same CBRE team secured $33.1 million in acquisition financing for a 332-unit community in Fort Mill, S.C.

Image courtesy of CBRE