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RALEIGH, NC-Kane Realty Corp. has secured a $17.8-million mezzanine loan above an $80-million construction loan to finance St. Albans at North Hills. The $105-million mixed-use development is set to include 410 luxury rental apartments with 100,000 sf of ground-floor retail in a six-story building.

CB Richard Ellis vice president Bryan Kane and analyst Wesley Wells of the capital markets group in Raleigh worked with senior vice president Mark Fisher and associate Michael Diaz in New York City to secure the 36-month loan. The brokers would not comment further on the use of the loan or the interest rate.

John Kane, chairman and CEO of Raleigh-based Kane Realty, says he was confident about finding funding, even in a tough financing market, because his company had the right kind of product. “Kane’s experience and track record helped the process,” said Fisher in a CBRE release. “Kane has completed a tremendous amount of development in the area, essentially creating Midtown Raleigh.”

Apartments at St. Albans at North Hills will rent for an average of $925 per month, with deck parking available on each floor. Amenities will include several pools and a health club, and a 48,200-sf Harris Teeter grocery store, which residents will be able to access directly via elevator, will anchor the retail space.

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

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