HFF arranges construction and land financing for industrial project in Raleigh, North Carolina
INDIANAPOLIS, IN – August 8, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged construction and land financing for the to-be developed Patriot Park in Raleigh, North Carolina. The initial construction at Patriot Park will include two Class A spec industrial buildings totaling 322,800 square feet, and, once fully built out, Patriot Park will total up to one million square feet.
HFF worked on behalf of the developer, Strategic Capital Partners, Inc., to place the three-year loan with First Tennessee Bank. Funding consists of two loans, the first loan funds the development of the two buildings, and the second loan funds the cost of acquiring the 96 acres of land for the facility and pad sites.
Located at 3921 IBM Access Road, the facility will be south of TW Alexander Drive and east of Miami Boulevard in Raleigh’s Research Triangle Park (RTP) submarket. The property is proximate to Interstate 40 and less than seven miles from Raleigh-Durham International Airport. The 96 acres on which the facility will be constructed are some of the last large acreage tracts remaining in the RTP area. The construction will be completed in two phases beginning with the construction of two identical 161,400-square-foot, rear-load buildings on 15 acres and providing infrastructure for future phase II projects. Expected completion for phase I is the first quarter of 2018.
HFF’s debt placement team was led by senior director Ken Martin along with senior director Cory Fowler.
About Strategic Capital Partners, Inc.
Strategic Capital Partners, Inc. was formed in 2005 as a commercial and urban multi-use development company. Strategic Capital Partners focuses on providing value-added solutions to tenants and investors and has decades of experience in developing and acquiring office, industrial and mixed-use properties. Visit strategiccapitalpartners.com for more information.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.