Cary Mixed-Use Project Secures Refinancing Led by Hines Team

Cary Mixed-Use Project Secures Refinancing Led by Hines Team

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 marks Cary’s first vertically integrated and diverse destination.

Fenton was established in 2021 and features 246,000 square feet of retail space, The Allison with 357 multifamily units, and an additional 183,000 square feet of office space.

JLL Capital Markets acted on behalf of the borrowers to secure financing from New York Life Real Estate Investors. JLL’s debt advisory team was led by Chip Sykes and Kelsey Bawcombe.

According to Commercial Search reports,Fenton is conveniently situated near Cary Town Boulevard providing easy access to the Raleigh-Durham-Chapel Hill area as well as I-40. It is only a short drive (15 minutes) from downtown Raleigh with strong employment hubs like Research Triangle Park nearby. With a population of over two million people,the region offers significant potential for growth.

Hines-Led Team Secures $191M Refinancing Deal for Mixed-Use Project in Cary

A joint venture between Hines , Affinius Capital ,and Columbia Development has successfully obtained a $191 million senior mortgage loan for Fenton – an expansive mixed-use development spanning across 92 acres within the thriving submarketofCaryinRaleigh/Durham,NorthCarolina.This highly anticipated project will beCary’s premier destination offeringa unique blendofresidential,lifestyle,and commercial offerings all under one roof.

The newly developed Fentondistrict boasts impressive features including246,squarefeetofretailspacespreadacrossmultiplebuildings;theAllison,a luxury residential complex comprising357multifamilyunits;andasizable183,squarefeetofficespace.JLLCapitalMarketsworkedcloselywiththedevelopers to secure financing from New York Life Real Estate Investors, with Chip Sykes and Kelsey Bawcombe leading the debt advisory team at JLL.

Conveniently located near Cary Town Boulevard, Fenton offers easy access to the bustling Raleigh-Durham-Chapel Hill area as well as I-40. The development is only a short 15-minute drive from downtown Raleigh and is surrounded by major employment hubs such as Research Triangle Park. With a population of over two million people in the region, Fenton has immense potential for growth and success.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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