CHAPEL HILL, NC - Local real estate development company, East West Partners, and Washington, DC-based real estate private equity firm Northridge Capital, LLC have closed debt financing and broken ground on the Liberty Warehouse project in the Central Park neighborhood of downtown Durham, North Carolina. Upon completion in the summer of 2016, Liberty Warehouse will include 247 Class A multi-family apartments and 24,000 square feet of retail space on Foster Street across from the Durham Farmer's Market.
Equity for the project is being provided by Northridge Capital, LLC. Northridge Capital is a private, independent commercial real estate asset management firm located in Washington, DC and focused on providing investment and advisory services to offshore high-net-worth family groups and institutions. David Jackson, President of Northridge Capital, said "We are thrilled to be investing in a unique redevelopment opportunity in a dynamic market like downtown Durham with a prominent local developer. This innovative project presents exactly the type of opportunity our investors are seeking."
Debt financing for the project is being provided by Fifth Third Bank. "As our bank continues to grow in the Carolinas, Fifth Third is pleased to be investing in the continued growth and revitalization of downtown Durham," said Mike Renier, Vice President of Commercial Real Estate at Fifth Third. "We look forward to our relationship with Northridge Capital and East West Partners and hope to make more loans for quality projects in the Triangle." Clark Jenkins, Vice President with Capital Advisors, Inc. arranged both the debt and equity financing.
The old Liberty Warehouse was demolished in the fall, with the historic brick facades along Rigsbee Avenue and Central Park being saved and incorporated into the new building. Many of the interior elements of the building were also preserved and will be re-purposed in the new building.
Clancy & Theys Construction Company, based in Raleigh, is the general contractor constructing the building. Scott Cutler, Vice President of Clancy & Theys said, "Liberty Warehouse will be Durham's next iconic building and an anchor of the Central Park neighborhood. We are very happy to be part of the great team that East West Partners assembled for the project."
Site work began in February and the project is expected to be completed in August 2016. "We are excited to be working on a project with the history of Liberty Warehouse," said Bryson Powell, Development Director of East West Partners. Having the opportunity to incorporate historic elements of an old building into a modern project with all the amenities demanded by today's discerning apartment dwellers presents challenges and opportunities that our company is uniquely qualified to address."