Southern Gateway Lands $77M Construction Loan
- Mar 29, 2017
Durham, N.C.—HFF has arranged a $77.5 million construction loan for the Southern Gateway development at 224 Morris St. in Durham’s Innovation District.
HFF’s debt placement team led by Managing Director Greg LaBine and Director Cory Fowler worked on behalf of the borrower, Longfellow Real Estate Partners, to secure the floating-rate construction loan through Citizens Bank and Capital One.
Southern Gateway will include a 162,097-square-foot office building, a 161,534-square-foot office building leased entirely to Duke University and a 1,260-space parking garage. Slated for completion in 2018, the 2.9-acre development will be located in the heart of the Innovation District, a mixed-use, master-planned development totaling more than 1 million square feet of office, lab and residential space downtown.
“The urbanization trend of downtown Durham, coupled with the explosive growth within the Triangle has further tightened the office vacancy in Durham,” said Fowler in prepared remarks.
Image courtesy of Barnhill Contracting Co.