Barings Provides $134 Million Financing on Mixed-Use Development in Raleigh, NC
Barings, a major real estate investment manager, has provided a $134 million loan to refinance Smoky Hollow, a mixed-use development in Raleigh, North Carolina. The project, delivered in 2020 by a joint venture of Kane Realty , Williams Realty & Building Company, and Lionstone Investments, is located in the Glenwood South neighborhood. It comprises:
- A 283-unit Class-A apartment complex ('the Line')
- A 229,000 square foot office building ('421 N Harrington')
- Approximately 40,000 square feet of ground floor retail space
The five-year financing aligns with Barings' strategy of investing in competitive properties in dynamic markets. JLL advised on the financing, which expands Barings' $24.2+ billion real estate debt platform.
Barings, un importante gestore di investimenti immobiliari, ha fornito un prestito di 134 milioni di dollari per rifinanziare Smoky Hollow, uno sviluppo a uso misto a Raleigh, Carolina del Nord. Il progetto, realizzato nel 2020 da una joint venture tra Kane Realty, Williams Realty & Building Company e Lionstone Investments, si trova nel quartiere Glenwood South. Esso comprende:
- Un complesso di appartamenti di classe A con 283 unità ('the Line')
- Un edificio per uffici di 229.000 piedi quadrati ('421 N Harrington')
- Circa 40.000 piedi quadrati di spazio retail al piano terra
Il finanziamento di cinque anni è in linea con la strategia di Barings di investire in proprietà competitive in mercati dinamici. JLL ha fornito consulenza sul finanziamento, che espande la piattaforma di debito immobiliare di Barings da 24,2 miliardi di dollari.
Barings, un importante gestor de inversiones inmobiliarias, ha otorgado un préstamo de 134 millones de dólares para refinanciar Smoky Hollow, un desarrollo de uso mixto en Raleigh, Carolina del Norte. El proyecto, entregado en 2020 por una empresa conjunta de Kane Realty, Williams Realty & Building Company y Lionstone Investments, se ubica en el vecindario de Glenwood South. Comprende:
- Un complejo de apartamentos de clase A con 283 unidades ('the Line')
- Un edificio de oficinas de 229,000 pies cuadrados ('421 N Harrington')
- Aproximadamente 40,000 pies cuadrados de espacio comercial en la planta baja
El financiamiento a cinco años se alinea con la estrategia de Barings de invertir en propiedades competitivas en mercados dinámicos. JLL asesoró en el financiamiento, que expande la plataforma de deuda inmobiliaria de Barings de 24.2 mil millones de dólares.
바링스(Barings)는 주요 부동산 투자 관리 회사로, 노스캐롤라이나주 롤리의 복합 용도 개발 프로젝트인 스모키 할로우(Smoky Hollow)를 재융자하기 위해 1억 3,400만 달러 규모의 대출을 제공했습니다. 이 프로젝트는 케인 리얼티(Kane Realty), 윌리엄스 리얼티 & 빌딩(William Realty & Building Company), 리온스톤 인베스트먼트(Lionstone Investments)의 합작 투자로 2020년에 완료되었으며, 글렌우드 사우스(Glenwood South) 지역에 위치해 있습니다. 해당 프로젝트는 다음을 포함합니다:
- 283세대 규모의 A등급 아파트 단지('the Line')
- 229,000 제곱피트 규모의 오피스 빌딩('421 N Harrington')
- 약 40,000 제곱피트의 1층 소매 공간
5년 만기의 이 자금 조달은 바링스의 역동적인 시장에서 경쟁력 있는 자산에 투자하겠다는 전략과 일치합니다. JLL은 자금 조달에 대한 자문을 제공하였으며, 바링스의 242억 달러 이상 규모의 부동산 채무 플랫폼을 확장하는 데 기여하고 있습니다.
Barings, un important gestionnaire d'investissements immobiliers, a accordé un prêt de 134 millions de dollars pour refinancer Smoky Hollow, un projet de développement à usages multiples à Raleigh, en Caroline du Nord. Le projet, livré en 2020 par une coentreprise de Kane Realty, Williams Realty & Building Company, et Lionstone Investments, est situé dans le quartier de Glenwood South. Il comprend :
- Un complexe d'appartements de classe A de 283 unités ('the Line')
- Un bâtiment de bureaux de 229 000 pieds carrés ('421 N Harrington')
- Environ 40 000 pieds carrés de surface commerciale au rez-de-chaussée
Le financement sur cinq ans s'aligne sur la stratégie de Barings d'investir dans des propriétés compétitives sur des marchés dynamiques. JLL a conseillé sur le financement, qui élargit la plateforme de dette immobilière de Barings de plus de 24,2 milliards de dollars.
Barings, ein bedeutender Immobilien-Investment-Manager, hat ein Darlehen in Höhe von 134 Millionen Dollar zur Refinanzierung von Smoky Hollow, einem gemischt genutzten Entwicklungsprojekt in Raleigh, North Carolina, bereitgestellt. Das 2020 von einem Joint Venture zwischen Kane Realty, Williams Realty & Building Company und Lionstone Investments fertiggestellte Projekt befindet sich im Glenwood South Viertel. Es umfasst:
- Ein Apartmentkomplex der Klasse A mit 283 Einheiten ('the Line')
- Ein Bürogebäude mit 229.000 Quadratfuß ('421 N Harrington')
- Ungefähr 40.000 Quadratfuß Verkaufsfläche im Erdgeschoss
Die fünfjährige Finanzierung steht im Einklang mit Barings' Strategie, in wettbewerbsfähige Immobilien in dynamischen Märkten zu investieren. JLL beriet bei der Finanzierung, die Barings’ 24,2 Milliarden Dollar große Immobilienverschuldungsplattform erweitert.
- Barings provided a significant $134 million loan for refinancing
- The development is situated in Raleigh's dynamic Glenwood South neighborhood
- The project includes a diverse mix of residential, office, and retail spaces
- The financing expands Barings' substantial $24.2+ billion real estate debt platform
- None.
Insights
The
Key points to consider:
- The involvement of Barings, a major global real estate investment manager, adds credibility to the project.
- The five-year term of the loan suggests a medium-term outlook on the property's performance and Raleigh's market strength.
- The refinancing likely provides the joint venture partners with improved terms or additional capital for future investments.
- Raleigh's economic tailwinds, including job growth and a strong housing market, bode well for the project's long-term success.
For investors, this deal highlights the ongoing attractiveness of mixed-use developments in high-growth markets, particularly those combining residential, office and retail components. It also demonstrates the continued availability of institutional capital for well-positioned real estate assets, even in a challenging interest rate environment.
The Smoky Hollow refinancing reflects broader trends in the commercial real estate market:
- Mixed-use developments continue to attract significant investment, aligning with the "live-work-play" concept that appeals to millennials and Gen Z.
- Secondary markets like Raleigh are gaining traction among institutional investors, offering potentially higher yields compared to primary markets.
- The 283-unit apartment complex addresses the ongoing demand for multifamily housing in growing urban centers.
- The 229,000 sq ft office component, despite concerns about remote work, suggests confidence in the return-to-office trend, especially in amenity-rich environments.
- The 40,000 sq ft of experiential retail space aligns with the shift towards creating destinations that can compete with e-commerce.
This transaction indicates that well-located, high-quality assets in strong secondary markets can still secure substantial financing, even as overall commercial real estate lending has tightened. It's a positive signal for the Raleigh market and similar growth-oriented metropolitan areas across the U.S.
“We are excited to collaborate with Kane and Lionstone, two highly respected investors with a particularly strong track record in the
Smoky Hollow is situated within Raleigh’s Glenwood South neighborhood and is comprised of a 283-unit Class-A apartment complex (“the Line”), a highly amenitized 229,000 square foot office building (“421 N Harrington”), and roughly 40,000 square feet of ground floor retail featuring a blend of experiential restaurants and retailers.
The financing from Barings has a five-year term and JLL’s Travis Anderson, Colby Mueck, and Warren Johnson advised the sponsorship on the financing.
This transaction expands Barings’ 24.2+ billion* real estate debt platform, which leverages the team’s broad direct origination capabilities and deep credit expertise to invest in loans secured by institutional-quality commercial real estate.
About Barings
Barings is a
*Assets under management as of June 30, 2024
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of
View source version on businesswire.com: https://www.businesswire.com/news/home/20241014192541/en/
Source: Barings
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