JLL Capital Markets has arranged what is believed to be the second-largest commercial construction loan in Triangle history on the behalf of Hines, Columbia Development and USAA Real Estate for the continued development of Fenton, a 69-acre mixed-use project under way in Cary, N.C.
In addition to being one of the largest construction loans in the Triangle region, this is also the largest construction loan to close for a retail-driven project in the United States since the start of the COVID-19 pandemic, according to Real Capital Analytics. The developer will begin vertical construction in November 2020. In 2019, HFF, now part of JLL, arranged the joint venture equity investment for the first phase of Fenton’s development.
“This is the final piece of the puzzle that allows the project to move forward with vertical construction,” said Paul Zarian, director at Hines. “Especially in light of the current economic climate, we are grateful for the confidence that Ba