CB Richard Ellis vice president Bryan Kane and analyst WesleyWells of the capital markets group in Raleigh worked with seniorvice president Mark Fisher and associate Michael Diaz in New YorkCity to secure the 36-month loan. The brokers would not commentfurther on the use of the loan or the interest rate.

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John Kane, chairman and CEO of Raleigh-based Kane Realty, sayshe was confident about finding funding, even in a tough financingmarket, because his company had the right kind of product. "Kane'sexperience and track record helped the process," said Fisher in aCBRE release. "Kane has completed a tremendous amount ofdevelopment in the area, essentially creating Midtown Raleigh."

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Apartments at St. Albans at North Hills will rent for an averageof $925 per month, with deck parking available on each floor.Amenities will include several pools and a health club, and a48,200-sf Harris Teeter grocery store, which residents will be ableto access directly via elevator, will anchor the retail space.

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The development is in the midst of North Hills, a 100-acreredevelopment complex situated on Interstate 440. St. Albans ispart of Kane Realty's expansion on the North Hills district, whichattracted over 8.4 million visitors last year, according to KaneRealty's website, and includes a hotel, class A office space,restaurants, boutiques, retail and entertainment.

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