CARY, N.C. — HFF has arranged $28.8 million in preferred equity and construction financing for the development of the first phase of Twin Lakes Center, a 153,229-square-foot retail center in Cary. The first phase includes a four-building retail center that is 93 percent preleased and will be anchored by Wegmans, a Rochester, N.Y.-based grocer.Greg Nalbandian, Roger Edwards, Devlin Murphy and Andrew Zilenziger of HFF arranged $6.3 million in preferred equity through a life insurance company and a $22.5 million, floating-rate loan through CapitalSource, a division of Pacific Western Bank. LeylandAlliance is developing the 35.8-acre property, which will be completed in phases and will include restaurants, retail space, seniors housing, a lake and walking paths. LeylandAlliance expects to wrap up construction on the retail portion of the project in July 2020.
The first phase of Twin Lakes Center includes a four-building retail center that is 93 percent preleased and will be anchored by Wegmans.
HFF Arranges $28.8M in Construction Financing for Wegmans-Anchored Project in Triangle
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