Avison Young Arranges $139M Construction Loan for 1000 Social Office Project at Exchange Raleigh
RALEIGH, N.C. — Avison Young has arranged a $139 million loan for the construction of 1000 Social, a 12-story trophy office building in Raleigh. The 350,000-square-foot project represents the first phase of vertical construction at The Exchange Raleigh, a $1 billion, 40-acre mixed-use development that will feature nearly 1 million square feet of trophy office space, a park, apartments, stores and restaurants upon full buildout. Wes Boatwright, Michael Yavinsky, Jon Goldstein and Connor Burke of Avison Young’s Structured Finance Group arranged the financing on behalf of the developer, Dewitt Carolinas. The direct lender was not disclosed. The groundbreaking for 1000 Social took place last month, with construction expected to be completed in about 18 months. The new landmark tower will offer 20,000 square feet of ground-floor retail space, outdoor patios, individual bathroom pods on every floor, event center and a parking structure with over 1,500 spaces.