Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.