Barings, one of the world’s largest diversified real estate investment managers, announced that it has provided a $134 million loan to refinance the existing Smoky Hollow in Raleigh, North Carolina loan. A joint venture between Kane Realty Corporation, Williams Realty & Building Company, and Lionstone Investments delivered the mixed-use development in 2020.
Smoky Hollow is situated within Raleigh’s Glenwood South neighborhood. It is comprised of a 283-unit Class-A apartment complex, 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 funding from Barings has a five-year term and JLL’s Travis Anderson, Colby Mueck, and Warren Johnson advised the sponsorship on the financing.
This deal 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.
Barings is known as a $409+ billion global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. And 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.
KEY QUOTE:
“We are excited to collaborate with Kane and Lionstone, two highly respected investors with a particularly strong track record in the Raleigh market. 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.”
-Jonathan Neff, Managing Director with Barings
