DEVELOPER BORROWS $26 MILLION FOR COMMUNITY COLLEGE BUILDING

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CONCORD, N.C. — Castle & Cooke has borrowed a $26 million loan for construction of a 62,322-square-foot building on the Rowan-Cabarrus Community College campus in Concord. The property will include classrooms, offices and research and development labs. US Bank provided funding for the 20-year loan, which carries a 7 percent interest rate. Hal Kempson of CB Richard Ellis’ Charlotte, N.C., office secured the loan. Royal Net Lease and William Blair & Co. also helped with the deal.

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