Barings Provides $134M Refi for Mixed-Use Development in Raleigh, NC
Since opening in 2020, Smoky Hollow has provided the downtown with new residential, office, and retail
By Brian Pascus October 14, 2024 8:30 am
reprints
A consortium of three developers just secured a major refinancing.
A joint venture among Kane Realty, Williams Realty & Building Company, and Lionstone Investments landed $134 million to refinance Smoky Hollow, an enormous mixed-use development in Raleigh, N.C., Commercial Observer has learned.
Barings provided the debt to refinance the existing loan with a five-year term, while JLL (JLL)’s Travis Anderson, Colby Mueck and Warren Johnson arranged the transaction.
Jonathan Neff, managing director with Barings, said in a statement that the lender’s capital infusion is “consistent with [the firm’s] real estate investment strategy,” which prioritizes properties that can be competitive in growing markets.
“Smoky Hollow is well positioned to benefit from Raleigh’s favorable economic tailwinds, job opportunities, highly educated workforce, and strong housing market,” said Neff. Since opening in 2020, Smoky Hollow has transformed Downtown Raleigh’s Glenwood South neighborhood into a live-work-play haven.
The mixed-use complex consists of The Line, a 283-unit apartment complex; a 229,000-square-foot office complex at 421 North Harrington Street; and 40,000 square feet of ground-floor retail that mixes restaurants with shops.
Other elements of Smoky Hollow included Peace Raleigh Apartments, which consists of 417 units and opened in 2020; Publix, a full-service grocery store; a central public plaza; and the upcoming 14-acre Smoky Hollow Park, a green space still under development.
Brian Pascus can be reached at bpascus@commercialobserver.com
