JLL Capital Markets announced the firm arranged $33.6 million of joint venture equity and $51.4 million of construction financing for West End II, a multifamily development located in the highly sought-after West End neighborhood in Downtown Raleigh.
JLL worked on behalf of Kane Realty Corporation to secure a limited partner equity commitment from an institutional South American investment fund. West End II marks the investor’s entry into the rapidly growing Raleigh-Durham market. JLL additionally secured the project’s construction loan with a national life insurance company.
West End II is the second phase of Kane Realty Corporation’s re-development of the former Clancy & Theys headquarters, with the first phase of Platform Apartments currently in lease-up. The development will include 252 luxury apartment units, complemented by 4,000 square feet of flexible-use ground-floor retail space. Designed by Dwell Design Studio, residents of West End II will have the choice of modern one-, two- and three-bedroom options, with an average unit size of 827 square feet.
Additionally, the development will offer an array of best-in-class amenities, including a fitness lawn with a resort-style sundeck, a 24-hour mail room, an indoor and outdoor fitness center, co-working spaces, multiple conference rooms and ground-floor retail offerings.
JLL’s Capital Markets Advisory team was led by Senior Managing Director Travis Anderson, Director Warren Johnson and Associates Ryan Pride and Jovi Rodriguez.
“Kane’s longstanding track record of successful development and placemaking made them an ideal target for foreign capital looking to enter Raleigh,” said Anderson.
Johnson added, “Securing joint venture equity in today’s environment is as challenging as it gets and we highly value Kane’s partnership and trust in us to get their incredible project moving forward.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
