Raleigh Apartment Project Receives $29M Loan
Cadence Bank and Atlantic Bank provided construction financing for the 248-unit development.
A partnership between Novare Group, Batson-Cook Development Co. and Marble Capital has unveiled construction plans for a 248-unit community in Raleigh, N.C. The joint venture has received a total of $28.8 million in construction financing, according to Wake County records.
The financing package, set to mature in 2024, is structured as follows: Cadence Bank originated an $18.8 million loan, while Atlantic Bank provided a $10 million mortgage. The developer will begin site work next month and expects to finalize the community by the third quarter of 2022. Construction Enterprises Inc. will serve as the general contractor for the Humphreys & Partners Architects-designed project.
The company acquired an 11-acre parcel at 5715 Glenwood Ave. for $6.5 million, public records show. The land currently houses an AT&T Operations Center in a four-story building. Completed in 1977, the 96,151-square-foot property will remain operational for the immediate future.
The as-yet-unnamed community will be a part of a larger mixed-use development. The residential component will have two four-story buildings that will provide studio apartments and one- to three-bedroom floorplans. The amenity package will include a clubhouse with a business center, fitness studio, pool and game room.
In October, Novare Group and Batson-Cook Development Co.—in a partnership with PointOne Holdings—completed the $65.8 million sale of Newnan Crossing in Newnan, Ga. Capital Square 1031 acquired the 298-unit property.