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Kane Realty Corporation Secures $85 Million Construction Loan For Multifamily Development In Raleigh

Property Image
FINANCED
$85,000,000
Jovi Rodriguez
Ryan Pride
Warren Johnson

North Carolina

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MultiFamily
Financed 07/22/2024
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Property Image
FINANCED

Kane Realty Corporation Secures $85 Million Construction Loan For Multifamily Development In Raleigh

510 West Cabarrus Street

See Similar Deals
MultiFamily
Financed 07/22/2024
Jovi Rodriguez
Ryan Pride
Warren Johnson
the dealplayerscompscontact
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Summary

NORTH CAROLINA
Asset Type:MultiFamily
Transaction Type:Loan

The property asset involved in this transaction is a multifamily development located at 510 West Cabarrus Street in Raleigh, NC. The project, known as West End II, includes 252 luxury apartments and 4,000 square feet of retail space. The total loan amount secured for the development is $85,000,000, which is classified as construction financing.

Summary of transaction details:

JLL Capital Markets played a crucial role in this deal by securing both joint venture equity and construction financing for Kane Realty Corporation's project. This transaction marks the investor's entry into the Raleigh-Durham market, expanding their portfolio in the region.

Players

Jovi Rodriguez
JLL
Jovi Rodriguez
17 deals$843.4M volume(610) 849-3896
BROKER
Ryan Pride
JLL
Ryan Pride
2 deals$183.4M volume
BROKER
Warren Johnson
JLL
Warren Johnson
2 deals$100.6M volume
BROKER

Details

FINANCED
IMAGE: 07/22/2024 ADDRESS: 510 West Cabarrus Street MARKET: Raleigh, NC ASSET TYPE: Multifamily LANDLORD: Kane Realty Corporation BROKERS: Jovi Rodriguez, Ryan Pride & Warren Johnson - JLL LOAN AMOUNT: $85,000,000 LOAN TYPE: Construction NOTE: JLL Capital Markets secured $85 million in joint venture equity and construction financing for Kane Realty Corporation’s West End II multi-housing development in Downtown Raleigh. The project includes 252 luxury apartments and 4,000 square feet of retail space, marking the investor's entry into the Raleigh-Durham market.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$85,000,000.00

Monthly NOI$566,666.67
Monthly Debt Service$537,257.82
Change in Cash Flow$0.00
Refinance Proceeds$0.00