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Hines-Led Team Inks Refi for Cary Mixed-Use Project
Hines, Affinius Capital and Columbia Development have secured a $191 million senior mortgage for Fenton, a 92-acre mixed-use district in the Cary submarket of Raleigh/Durham, North Carolina. Fenton is Cary’s first vertically integrated, mixed-use destination.
Fenton, created in 2021, includes 246,000 square feet of retail space, 357 multifamily units as part of The Allison and 183,000 square feet of office space.
JLL Capital Markets worked on behalf of the borrowers to arrange the loan from New York Life Real Estate Investors. JLL’S Chip Sykes and Kelsey Bawcombe led JLL’s debt advisory team.
Commercial Search reports, near Cary Town Boulevard, Fenton provides easy access to the Raleigh-Durham-Chapel Hill area and I-40. It is 15 minutes from downtown Raleigh and has robust employment hubs, such as the Research Triangle Park. The region has a population of 2 million.
- ◦Financing
