ZOM Living and AEW Capital Management have closed on a $49 million construction loan for the development of Maizon Durham, an upcoming 248-unit luxury community in Durham, N.C. Santander Bank provided the financing, with the project slated to break ground this summer.
The community will be built by LeChase Construction, but the development team also includes Hagen, Christensen & Mcllwain Architects as the project’s architect, as well as interior design firm One Line Design Studio.
Upon completion, the community is set to encompass a mix of studio, one-, two- and three-bedroom apartments, ranging from 555 square feet to 1,450 square feet. All units will feature walk-in closets, electronic locks and smart thermostats, while select apartments will also include private balconies and terraces. Maizon Durham is slated to include a swimming pool, a pet spa, fitness facilities, resident lounges and coworking spaces. Plans also call for 13,000 square feet of ground-level retail space.
Located at 500 E. Main St. on a site purchased by the development partners, the property will be in downtown Durham, less than 3 miles from Duke University and within walking distance of Durham Performing Arts Center.
Fueled by the Triangle’s diverse talent pool and affordable cost of living compared to other metros in the Southeast, the Raleigh-Durham multifamily market continued its growth streak. During the first four months of the year, developers completed 1,659 units and multifamily transactions totaled $1.1 billion, according Yardi Matrix data.