CHARLOTTE, NC – Holliday Fenoglio Fowler, L.P. (HFF) announces $26 million in financing for The Lincoln Apartments, a 224-unit, institutional-quality, mid-rise apartment community in downtown Raleigh, North Carolina.
The HFF team worked on behalf of the borrower, Lincoln Apartments, LLC, an affiliate of Banner Real Estate Group, to secure the floating-rate loan with MetLife Investment Management. Loan proceeds were used to refinance existing debt.
Completed in 2015, The Lincoln Apartments consists of units averaging 759 square feet with high-end features such as wood-style flooring, granite countertops, stainless steel appliances, balconies, walk-in closets and full-size washers and dryers. Community amenities include a resident club room with kitchen, resort-style swimming pool, outdoor fireplace and grilling area, fitness center with yoga studio, pet spa, coffee bar, enclosed parking garage and electric car charging stations. Located at 408 E. Hargett Street, The Lincoln Apartments is approximately 0.4 miles east of the North Carolina State Capitol and approximately 1.7 miles north of Interstate 40, which provides access to Charlotte, Durham, Greensboro, Fayetteville and Wilmington. The property’s downtown location places it near more than 10 million square feet of office space and numerous retail and entertainment amenities. The property is approximately 92 percent occupied.
The HFF debt placement team representing the borrower included managing director Matthew Schoenfeldt and senior directors Cory Fowler and Roger Edwards.
About Banner Real Estate Group: Banner Real Estate Group and its affiliates (“Banner”) are a fully integrated group of real estate operating companies based in Northbrook, Illinois. Banner focuses on the acquisition, management and development of multifamily properties, as well as the development of self-storage and senior living properties nationwide. Since its founding in 1989, Banner has acquired and operated 49 multifamily properties and has developed 19 self-storage facilities and apartment communities, collectively worth over $1.2 billion. For more information, visit bannerrealestategroup.com
About HFF: HFF and its affiliates operate out of 25 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 advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.