Raleigh, N.C. — CBRE Capital Markets’ debt and structured finance team has arranged a $75 million loan for the Stanhope Student Apartments, a five-story, 300-unit, 822-bed, mixed-use student housing facility located adjacent to North Carolina State University’s main campus in Raleigh.
A JV led by managing partner Kane Realty Corp. developed the property.
The property features 9-foot ceilings, a saltwater pool, two-story health club, cyber-lounge, art studio, tanning beds, two-story game room and ground-floor retail. Deck parking is provided for tenants on the same floor as their unit. Apartments contain a full washer/dryer, en-suite full bathrooms in each bedroom, granite kitchen counters, large-screen TV, wood floors and more.
Mark Fisher and Alex Furnary, of CBRE’s midtown Manhattan office, along with David Meese and Tom Kobus, of CBRE’s Pittsburgh office, facilitated the financing on behalf of the borrower.
CBRE secured a 20-year, fixed-rate, non-recourse loan from one of its correspondent lenders, AIG Investments. The loan was committed without any tenants in occupancy and closed with retail space still to-be-leased (half of the retail space is leased to CVS).