RALEIGH, N.C. — JLL has arranged $33.6 million in joint venture equity and $51.4 million in debt financing for the development of West End II, a 252-unit project underway in downtown Raleigh’s West End neighborhood.
Travis Anderson, Warren Johnson, Ryan Pride and Jovi Rodriguez of JLL arranged the equity placement and debt on behalf of the borrower, locally based Kane Realty Corp. The equity partner is an investment fund from South America. The lender is an unnamed national life insurance company.
Located at 510 W. Cabarrus St., West End II will offer one- to three-bedroom layouts. The property will also feature 4,000 square feet of flexible retail space. West End II represents the second phase of Kane Realty’s redevelopment of the former Clancy & Theys headquarters building. The first phase, Platform Apartments, is currently in lease-up.