Barings Provides $134 Million Financing on Mixed-Use Development in Raleigh, NC

Barings, a major real estate investment manager, has provided a $134 million loan to refinance Smoky Hollow, a mixed-use development in Raleigh, North Carolina.

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10/14/2024 - 09:00 AM

CHARLOTTE, N.C.--(BUSINESS WIRE)-- Barings, one of the world’s largest diversified real estate investment managers, announced today that it has provided a $134 million loan to refinance the existing loan on Smoky Hollow in Raleigh, North Carolina. A joint venture between Kane Realty Corporation, Williams Realty & Building Company, and Lionstone Investments delivered the mixed use development in 2020.

“We are excited to collaborate with Kane and Lionstone, two highly respected investors with a particularly strong track record in the Raleigh market,” said Jonathan Neff, Managing Director with Barings. “This investment is consistent with Barings’ real estate investment strategy, which focuses on providing capital for uniquely competitive properties in dynamic markets. Smoky Hollow is well positioned to benefit from Raleigh’s favorable economic tailwinds, job opportunities, highly educated workforce, and strong housing market.”

Smoky Hollow is situated within Raleigh’s Glenwood South neighborhood and is comprised of a 283-unit Class-A apartment complex (“the Line”), a highly amenitized 229,000 square foot office building (“421 N Harrington”), and roughly 40,000 square feet of ground floor retail featuring a blend of experiential restaurants and retailers.

The financing from Barings has a five-year term and JLL’s Travis Anderson, Colby Mueck, and Warren Johnson advised the sponsorship on the financing.

This transaction expands Barings’ 24.2+ billion* real estate debt platform, which leverages the team’s broad direct origination capabilities and deep credit expertise to invest in loans secured by institutional-quality commercial real estate.

About Barings

Barings is a $409+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.

*Assets under management as of June 30, 2024

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.