HFF Arranges Loan for Mixed-Use Raleigh High-Rise

The residential and grocery-anchored retail property will be developed in two phases and will include 445 units, 61,000 square feet retail space and 257,000 square feet parking space.

600 North West St. Raleigh, N.C.
600 North West St. Raleigh, N.C.

HFF has secured a construction loan for a mixed-use project in the Glenwood South corridor of Raleigh’s central business district. The company worked on behalf of the developer, a joint venture of Williams Realty and Building Co., Kane Realty Corp. and Lionstone Investments. The financing was obtained through New York Life Insurance Co. Kane and Williams first announced plans for the development— estimated to cost up to $100 million—last year.

The new 11-story structure will be located at 600 N. West St., on the southwest corner of West Peace and North West streets. The property will include a 45,600-square-foot Publix grocery store—the first in Raleigh’s downtown—5,340 square feet of in-line retail space and 417 residential units. The residential component will feature a mix of studio, one-, two- and three-bedroom units averaging 898 square feet. A 735-space structure garage will serve both the retail and the housing uses. 

Two-year project

The high-rise is part of the multi-phase Peace and West redevelopment that will include a total of 445 residential units, 61,000 square feet of retail and 257,000 square feet of parking space. Phase two will include street-level retail as well as office and hotel spaces. Construction of the first phase is scheduled to be completed in 2020.

Managing Director Colby Mueck, Senior Director Roger Edwards and Senior Managing Director Travis Anderson were part of the debt team that represented the borrower. Mueck was also involved with the $123 million financing of Austin trophy asset Frost Bank Tower last year.

Image via Google Street View