HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announces financing for the development of a grocery-anchored, high-rise residential and retail property in the Glenwood South corridor of Raleigh’s CBD.
The HFF team worked on behalf of the developer, a partnership between Williams Realty and Building Co. and Kane Realty Corporation along with capital partner Lionstone Investments, to arrange the construction loan through New York Life Insurance Company.
As the first phase of the long-term, multi-phase Peace and West redevelopment, the property will be anchored by a to-be-named 45,600-square-foot grocery store – Downtown Raleigh’s first grocery store – along with 5,340 square feet of in-line retail space and 417 multi-housing units. The property will also feature a 735-space structured parking garage, which will serve both the retail and housing components. Due for completion in mid-2019, the 11-story property’s for-rent residences will incorporate a mix of studio, one-, two- and three-bedroom floor plans averaging 898 square feet. The property is located at the southwest corner of West Peace and North West Streets next to the future 16-acre Devereux Meadows Park. Future phases will include additional residential and retail along with office and hotel space.
The HFF debt placement team representing the borrower included managing director Colby Mueck, senior director Roger Edwards and senior managing director Travis Anderson.
About Williams Realty & Building Company: Williams Realty & Building Company, founded in 1954, began developing residential subdivisions but has since expanded into commercial construction, development and property management throughout the Triangle area. Over the years, Williams Realty has constructed a multitude of office, retail, flex industrial and medical office buildings and its property management branch currently has over 800,000 square feet under management.
About Kane Realty Corporation: Kane Realty Corporation is a vertically integrated commercial real estate firm providing development, construction management, leasing, and property management services. Founded in 1978, Kane Realty is the preeminent mixed-use developer in North Carolina, developing over 6.5 million square since inception. Kane’s signature mixed-use property at North Hills (Raleigh, North Carolina), the first true mixed-use property in the region, resulted in the emergence of Raleigh’s Midtown district. Kane’s most recent mixed-use development project, the Dillion, is located south of North Hills. Scheduled for completion in 2018, the project includes an 18-story office tower with retail space and two six-story apartment buildings with an adjoining parking deck.
About Lionstone Investments: Lionstone Investments is a data-analytics driven real estate investment firm that conceptualizes, analyzes, and executes national investment strategies using proprietary algorithms and advanced analytics to understand the changing ways people in America want to live and work – Places for Productive People®. Lionstone Investments is a registered investment adviser subsidiary of Columbia Management Investment Advisers, LLC. For more information, please visit lionstoneinvestments.com.
About HFF: HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.