North Carolina

SunTrust Provides $11.4M Financing for New Affordable Housing Community Near Charlotte

by Camren Skelton May 7, 2018

DALLAS, N.C. —SunTrust Community Capital, a division of SunTrust Banks, has provided $11.4 million in financing for Long Creek Apartments II, an 80-unit affordable housing community in Dallas, roughly 25 miles west of Charlotte. SunTrust Community Capital invested $4.7 million of equity into the project and provided a $6.7 million construction loan. In addition, Centrant Community Capital provided a $4.4 million permanent loan, and the North Carolina Housing Finance Agency provided a $509,000 loan. Long Creek will feature onsite management, a business center, computer lab, clubhouse, playground, picnic area and community rooms. All of the units will be reserved for residents earning 60 percent or less of the area median income (AMI). Mills Construction Co., the project’s general contractor, plans to break ground on the community this month, and wrap up construction in May 2019.

May 7, 2018

Development North Carolina Office Southeast

KDC Breaks Ground on New 205,000 SF Office Building for Credit Suisse in Raleigh

by Camren Skelton May 4, 2018

RALEIGH, N.C. — KDC has started construction on a new regional office building for Credit Suisse in Raleigh’s Research Triangle Park. The 205,000-square-foot, four-story building will be located at 6933 Louis Stephens Drive, adjacent to the existing Credit Suisse office building that KDC developed in 2007. Upon completion of the new facility in June 2019, KDC will begin renovations of the existing building. More than 3,000 Credit Suisse employees will occupy the campus after the project is complete. The investment banking and financial services company is headquartered in Zürich and has regional offices across the U.S. The 62-acre site will feature outdoor workspaces, a new food service cafeteria, internet cafés, conference center and a pedestrian trail. In addition, KDC will add new entrance and exit points and a pedestrian bridge to connect the two buildings. The developer plans to seek LEED certification for the project. Architecture firm Gensler, general contractor Brasfield & Gorrie and engineer Crenshaw make up the rest of the project team.

May 4, 2018

Alabama Loans Multifamily North Carolina Southeast

KeyBank Provides $37.4M in Agency Financing for Two Apartment Properties in Alabama, North Carolina

by Camren Skelton May 4, 2018

HOOVER, ALA. AND WILMINGTON, N.C. — KeyBank Real Estate Capital has provided $37.4 million in financing for two multifamily properties in Hoover and Wilmington. In Hoover, KeyBank provided a $16.3 million Fannie Mae loan for the acquisition of Hawthorne at Wisteria, a 200-unit community. The property was built in 1978 and renovated in 2015. In Wilmington, KeyBank provided a $21.1 million Freddie Mac loan for the refinancing of Hawthorne at New Centre, a 301-unit apartment community that was constructed in 1998 and renovated in 2014. Tim DeWispelaere of KeyBank originated both 10-year loans with 30-year amortization schedules on behalf of the undisclosed borrowers.

May 4, 2018

Acquisitions Industrial North Carolina Southeast

HFF Arranges $6.8M Sale of Industrial Building in High Point, North Carolina

by Camren Skelton May 1, 2018

HIGH POINT, N.C. — HFF has arranged the $6.8 million sale of an industrial building located at 4160 Mendenhall Oaks Parkway, within the master-planned Mendenhall Business Park in High Point. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the seller, a partnership between a private company and Somerset Properties. Dalfen America Corp. acquired the property, which totals 107,480 square feet and features 24-foot clear heights, two drive-in doors and the ability to add additional loading via 14 knock-out panels. The building was fully leased at the time of sale to three tenants, two of which are headquartered at the facility. In addition, HFF is representing the seller in marketing four single-story office buildings and two multi-story office buildings located within Mendenhall Business Park.

May 1, 2018

Development North Carolina Office Southeast

New South Ventures to Complete $11M Redevelopment of Office Building in Downtown Durham

by Camren Skelton April 30, 2018

DURHAM, N.C. — Durham-based New South Ventures has unveiled plans to redevelop the NC Mutual Building, a 183,000-square-foot office building located at 411 W. Chapel Hill St. in downtown Durham. The 14-story tower — originally constructed in 1965 — will be renamed The Tower at Mutual Plaza. Planned renovations for the building include 16,000 square feet of newly constructed space on the first floor and a new mezzanine; a remodeled and expanded lobby with a glass curtain wall and revolving doors; stone flooring and wrapped columns; LED lighting; grab-and-go coffee and concessions; exterior façade restoration; skylights in the concourse and lower level; and the addition of new conference rooms, a fitness center, tenant storage rentals and indoor bike parking. In addition, New South Ventures plans to add 15,000 square feet of shared office and coworking space and an enhanced plaza that allows for outdoor work and gatherings. Originally constructed for current tenant North Carolina Mutual Life Insurance Co., The Tower at Mutual Plaza is home to companies such as Duke University, GoTriangle and Perkins+Will. The project team includes Avison Young (brokerage); Built Form (architecture); Gilbane Building Co. (construction management); Progressive Design Collaborative (mechanical, electrical and plumbing engineering); McNamara-Salvia (structural engineering); …

April 30, 2018

Acquisitions Multifamily North Carolina Southeast Student Housing

Vesper Holdings Acquires Student Housing Property Near UNC Greensboro for $40M

by Camren Skelton April 25, 2018

GREENSBORO, N.C. —Vesper Holdings has acquired University Village, a 600-bed student housing community in Greensboro, for $40 million. The name of the seller was not disclosed. The community is located across the street from the main entrance of the University of North Carolina at Greensboro (UNCG). Constructed in 2006, the community includes a mix of two-, three- and four-bedroom floor plans with bed-to-bath parity. Community amenities include a clubhouse, swimming pool, 24-hour fitness center, business center, computer lab and tanning bed. Vesper plans to invest $1 million to renovate unit interiors and amenities, as well as enhance the property’s exteriors.

April 25, 2018

Civic Development North Carolina Southeast

YMCA to Develop $41M Facility, School in Raleigh Using SunTrust-Backed Capital

by Camren Skelton April 23, 2018

RALEIGH, N.C. — YMCA of the Triangle has unveiled plans to develop a $41 million recreation center and school located at 1436 Rock Quarry Road in southeast Raleigh. The project is being funded with $21 million in New Markets Tax Credit (NMTC), and a loan from SunTrust Community Capital. CAHEC New Markets LLC, a subsidiary of Raleigh-based CAHEC, a nonprofit tax credit equity syndicator, provided YMCA of the Triangle with $15 million in NMTC allocations, and SunTrust provided the remaining $6 million. Tax Advantage Group provided NMTC advisory services to YMCA of the Triangle. The new facility will house a 42,960-square-foot recreation center with a wellness area, gymnasium and group exercise studio, as well as a 71,980-square-foot building that will be operated and leased to the Wake County Public School System. The new YMCA center will create 28 permanent jobs in the area, as well as 129 construction jobs during the development phase. The project is slated for completion in August 2019.

April 23, 2018

Loans Multifamily North Carolina Southeast

Berkeley Point Provides $59.4M Fannie Mae Loan for Refinancing of Charlotte Apartment Asset

by Camren Skelton April 20, 2018

CHARLOTTE, N.C. — Berkeley Point Capital has provided a $59.4 million Fannie Mae loan for the refinancing of Autumn Park Apartments, a 586-unit multifamily community in Charlotte. Mitch Clarfield and Joshua Braceros of Berkeley Point originated the 15-year loan with 10 years of interest-only payments through Fannie Mae’s Green Rewards program. The borrower, Rambleside Real Estate Capital, originally acquired the property in 2012 for $56.3 million. During its ownership, the firm has invested $3.3 million in exterior and common area improvements, as well as unit interior upgrades. Autumn Park Apartments features two swimming pools with a fire pit and poolside cinema, a tennis court, dog park, grilling areas, playground and a fitness center with a yoga studio, spin room and a rowing room.

April 20, 2018

Loans Multifamily North Carolina Southeast

Greystone Provides $29.2M Freddie Mac Loan for Refinancing of Apartment Asset in Raleigh

by Camren Skelton April 19, 2018

RALEIGH, N.C. — Greystone has provided a $29.2 million Freddie Mac loan for the refinancing of Andover at Crabtree, a 368-unit apartment community in Raleigh. Dale Holzer of Greystone originated the seven-year loan with two years of interest-only payments through Freddie Mac’s Green Up program on behalf of the borrower, a publicly traded REIT. The program provides attractive terms for borrowers that commit to energy or water savings. Andover at Crabtree features two swimming pools with lake views, a deck, gazebo and a clubhouse.

April 19, 2018

Loans Multifamily North Carolina Southeast

Arbor Provides $14.1M Fannie Mae Loan for Acquisition of Multifamily Community in Charlotte

by Camren Skelton April 16, 2018

CHARLOTTE, N.C. — Arbor Realty Trust Inc. has provided a $14.1 million loan through Fannie Mae’s Green Rewards program for the acquisition of Crown Point Townhomes in Charlotte. Alexander Kaushansky of Arbor originated the 10-year, fixed-rate loan with three years of interest-only payments on behalf of the borrower, Friedlam Partners LLC. The property was constructed in 1972 and features two-bedroom, garden-style apartment units. Community amenities include exterior storage, a swimming pool, picnic area and private patios. Planned renovations include upgrades to the unit interiors, landscaping, leasing office and pool, as well as the addition of a playground and dog park.

April 16, 2018

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