A $191 million senior mortgage has been secured by Hines, Affinius Capital, and Columbia Development for Fenton, a 92-acre mixed-use district located in the Cary submarket of Raleigh/Durham, North Carolina. This development marks Cary’s first vertically integrated destination.
Fenton was established in 2021 and features 246,000 square feet of retail space along with The Allison’s 357 multifamily units and an additional 183,000 square feet of office space.
JLL Capital Markets acted on behalf of the borrowers to arrange the loan from New York Life Real Estate Investors. JLL’S debt advisory team led by Chip Sykes and Kelsey Bawcombe facilitated this transaction.
According to Commercial Search reports,Fenton is conveniently situated near Cary Town Boulevard providing easy access to Raleigh-Durham-Chapel Hill area as well as I-40. It is only a short distance from downtown Raleigh with strong employment centers like Research Triangle Park nearby. With a population exceeding two million people,the region offers significant growth potential.
The Connect CRE article titled “Hines-Led Team Inks Refi for Cary Mixed-Use Project” highlights how Hines , Affinius Capital,and Columbia Development have successfully obtained a $191 million senior mortgage for their latest project – Fenton,a mixed-use district spanning over an expansive area measuring approximately ninety-two acres within North Carolina’s thriving real estate market.The development boasts numerous amenities including retail spaces covering over two hundred forty-six thousand sq.ft.,three hundred fifty-seven multi-family units under The Allison brand name,and one hundred eighty-three thousand sq.ft.of office space.Jones Lang LaSalle (JLL)Capital Markets played an instrumental role in securing this financing deal on behalf of these three entities through its skilled professionals Chip Sykes & Kelsey Bawcombe who head JLL’s debt advisory division.Furthermore,this prime location nearCary Town Boulevard provides convenient access to the Raleigh-Durham-Chapel Hill region and I-40,with downtown Raleigh only fifteen minutes away.The area is also home to major employment hubs like Research Triangle Park,and with a population of over two million,the potential for growth in this region is immense.
