CHARLOTTE, NC – Holliday Fenoglio Fowler, L.P. (HFF) announces financing totaling $31.5 million for the development of Hillstone Alston Town Center, a 205-unit multi-housing property in Cary, North Carolina.
The HFF team worked on behalf of the developer, Leon Capital Group, to secure a $21.3 million, floating-rate loan through UBTNC, a division of Union Bank & Trust, and $10.2 million in preferred equity from Marble Capital.
Due for completion in the spring of 2019, Hillstone Alston Town Center will be situated on 13.9 acres just off NC Highway 55 less than a mile from the intersection of Interstate 540 in Cary’s Panther Creek submarket. The property is immediately adjacent to Alston Town Center, a newly built, Whole Foods-anchored shopping center totaling more than 550,000 square feet. The four- and five- story property will encompass a mix of floor plans averaging 948 square feet with modern finishes, including granite countertops, stainless steel appliances, custom wood cabinetry, oversized soaking tubs and walk-in showers, walk-in closets, faux wood flooring and private balconies. The community will also feature a resort-style swimming pool, grilling area, landscaped courtyard, state-of-the-art fitness center, entertainment lounge with Wi-Fi café, pet park and community conference center.
The HFF team representing the developer included senior managing director Travis Anderson and senior directors Cory Fowler and Roger Edwards.
About Leon Capital Group: Leon Capital Group is an investment company with a focus on real estate. The company acquires, finances and develops assets across a diversified portfolio that yields attractive returns for its investors. With a focus on multifamily, retail and self-storage properties, Leon Capital Group has successfully overseen more than 300 investments, representing a total capitalization of more than $3 billion. Based in Dallas, the company has a vision of redefining real estate investing and transforming communities throughout the United States and around the globe.
About Marble Capital: Marble Capital is an investment company focused on providing flexible capital solutions to real estate sponsors nationwide, and its core product line is preferred equity for multifamily development. Marble Capital is managed by seasoned real estate professionals with experience in real estate finance, capital markets, development and operations, and is headquartered in Houston, Texas.
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.