RALEIGH, NC - Crescent Resources, LLC completed its acquisition of the 2.6 acre site at Clark Avenue and Oberlin Road in Cameron Village. Construction is underway on a 282-apartment home community, Gallery at Cameron Village.
The $50 million project is being financed by equity investment from Crescent Resources, senior financing from Capital One Bank and mezzanine financing provided by Nationwide.
"Capital One and Nationwide are first-class financial institutions, and we are excited to be partnering with them on this landmark development," said Brian Natwick, president of Crescent's Multifamily Division. "Collaborating with our strong financial partners will result in a community that continues Crescent's legacy of high-quality development and is indicative of our future. We are swiftly moving forward with construction and look forward to welcoming our first residents in the spring of 2013."
"Nationwide is very pleased to be providing mezzanine financing to a best-in-class developer like Crescent for what will be the premier new apartment development in the southeast," said Todd Harrop, vice president of real estate investments with Nationwide Investments.
Gallery at Cameron Village will feature 282 apartment homes and 16,000 square feet of retail space. It is the first multifamily development in Cameron Village, a retail and dining destination in Raleigh.
Gallery is designed with an exceptional resident amenity space featuring a wine bar, demonstration kitchen, gaming area, business center and entertaining areas, as well as a health-club-caliber fitness center. Additionally, Gallery will include a resort-style pool plaza with a sun deck, grilling stations and ample lounging and social areas. Crescent will seek Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council upon completion.
Cline Design Associates, PA of Raleigh is the architect, Historical Concepts of Atlanta is the design consultant, Stewart Engineering, Inc. of Raleigh is the planner and civil engineer, and LandDesign of Charlotte, N.C., is the landscape architect. Kettler Management will be the residential property manager, and Cox Schepp Construction, Inc. is the general contractor.
Crescent's existing multifamily communities include Circle at South End in Charlotte, N.C.; Circle at Concord Mills in Concord, N.C.; Circle at Crosstown in Tampa, Fla.; and Circle at Bartram Park in Jacksonville, Fla. Multifamily communities under construction include The Venue at Cool Springs in Nashville, Tenn., and Circle West Campus in Austin, Texas. Crescent's planned multifamily communities include Circle at Ninth Street in Durham, N.C.; Circle at South Park in Charlotte; and Circle at Bay Shore in Tampa.
Crescent Resources is a real estate development company with interests throughout the southeastern United States. Based in Charlotte and established in 1969, Crescent Resources is known for its single-family, multifamily and resort residential communities. Crescent also owns and manages business and industrial parks and shopping centers.