Lennar to Develop Carolina Row Mixed-Use Project; Dilweg Completes $22M Refinancing Loan for Capital Center Office Complex
- Dec 17, 2014
By Adriana Pop, Associate Editor
Lennar Commercial is the new developer of the 10-acre Carolina Row at Crabtree Valley retail complex on Glenwood Avenue in Raleigh.
According to the NewsObserver, the company has taken over the project from Trademark Property, which first unveiled its plans in May.
Carolina Row will include up to 150,000 square feet of retail and restaurant space, as many as 175 apartments on the upper levels and a pedestrian/bicycle bridge over Glenwood Avenue connecting Carolina Row to Crabtree Valley Mall.
The new development will compete for occupancy with Glenwood Place, Grubb Ventures’ recently announced mixed-use project in the city’s same neighborhood. Carolina Row will be built just a mile north from Glenwood Place.
Lennar has scheduled the grand opening of the project for the fourth quarter of 2016.
Upon completion, Carolina Row will be part of a 30-acre master plan that also includes the Raleigh Marriott Crabtree Valley property and land where the Richmond Hills apartment community is located.
In other local news, the Triangle Business Journal reports that The Dilweg Companies investment firm has secured a $22 million loan refinancing with Goldman Sachs to regain full ownership of the Capital Center office property at 5511 Capital Center Drive in west Raleigh.
Dilweg has owned the seven-story office building since 2003, but in 2011 it entered into a joint venture agreement with Trinity Partners of Charlotte in order to refinance the property loan and make renovations.
Dilweg was assisted in the financing deal by Howard Brooks with Medalist Capital’s Raleigh office.
The 156,000-square-foot, Class A corporate campus was 94 percent occupied at the time the transaction closed. Spectraforce Technologies and the University of Phoenix, as well as MetLife and Plexus are among the property’s tenants, which also features a lake, walking trails and outdoor seating.
Photo credits: loopnet.com
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