HFF Arranges Financing for NC Mixed-Use

Williams Realty and Building Co. and Kane Realty Corp. are developing the Raleigh property, which will include 417 units, a supermarket, 5,340 square feet of retail space and 735 parking spots.

Image credit: Cline Design
Image credit: Cline Design

HFF’s Houston office has financed the development of a Raleigh, N.C., 11-story residential and retail property.

The development is in the Glenwood South Corridor or Raleigh’s central business district. The HFF team worked on behalf of the development joint venture, comprised of Williams Realty and Building Co. and Kane Realty Corporation, along with capital partner Lionstone Investments, to arrange the construction loan through New York Life Insurance Company.

Adjacent park

The property is situated at the southwest corner of West Peace and North West Streets. To be built next door will be the approximately 14-acre Devereux Meadows Park, with open grass fields, plantings and the first segment of a future cross-country greenway.

The mixed-use development represents the initial phase of the long-term, multi-phase Peace and West Redevelopment. Future phases will include additional residences and retail stores, as well as office and hotel space.

This first phase will be anchored by downtown Raleigh’s first grocery store, a 45,600-square-foot supermarket to be filled by a non-yet-identified retail operation. Also included will be 5,340 square feet of in-line retail space, 417 units of multifamily housing and a 735-space structured parking garage that will serve both the property’s housing components as well as its retail needs.

Wide selection

Slated to be complete in mid 2019, the high-rise will offer an apartment blend of studio, one-, two- and three-bedroom floor plans that average 898 square feet.

Heading up the HFF debt placement team that represented the borrower were Managing Director Colby Mueck, Senior Director Roger Edwards and Senior Managing Director Travis Anderson.