HFF Arranges $31.5M in Financing for Development of Apartment Community in Metro Raleigh
CARY, N.C. — HFF has arranged $31.5 million in financing for the development of Hillstone Alston Town Center, a 205-unit apartment community in Cary, roughly 12 miles west of Raleigh. Travis Anderson, Cory Fowler and Roger Edwards of HFF arranged a $21.3 million, floating–rate loan through UBTNC — a division of Union Bank & Trust — and $10.2 million in preferred equity from Marble Capital on behalf of the project developer, Leon Capital Group. Hillstone Alston Town Center will be situated adjacent to Alston Town Center, a newly constructed, 550,000-square-foot shopping center anchored by Whole Foods Market. The four-and-five story community will feature units averaging 948 square feet with granite countertops, stainless steel appliances, wood cabinetry, walk-in closets, faux wood flooring and private balconies. Community amenities will include a resort-style pool, grilling area, fitness center and a pet park. Leon Capital Group expects to deliver the community in spring 2019.