{"id":1004120679,"date":"2015-06-04T13:10:39","date_gmt":"2015-06-04T21:10:39","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=352366"},"modified":"2020-05-11T23:11:16","modified_gmt":"2020-05-12T07:11:16","slug":"east-west-partners-begin-work-on-247-unit-apartment-property-replacing-historic-warehouse","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/east-west-partners-begin-work-on-247-unit-apartment-property-replacing-historic-warehouse\/","title":{"rendered":"Modern Apartments Replace Crumbling Warehouse in Downtown Durham"},"content":{"rendered":"<p><em>by Adriana Pop, Associate Editor <\/em><\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/06\/Liberty-Warehouse-Apartments-in-Durham.jpg\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-352367\" title=\"Liberty Warehouse Apartments in Durham\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/06\/Liberty-Warehouse-Apartments-in-Durham.jpg\" alt=\"\" width=\"300\" height=\"233\" \/><\/p>\n<p><\/a>An innovative Class A apartment building proposed by award-winning real estate developer Roger Perry will soon rise at the site of the former Liberty Warehouse in the Central Park neighborhood of downtown Durham.<\/p>\n<p>Perry\u2019s Chapel Hill-based East West Partners broke ground on the project in February and expects to complete construction in the summer of 2016. Plans call for 247 multi-family apartments and 24,000 square feet of retail space on Foster Street across from the Durham Farmer\u2019s Market.<\/p>\n<p>The company, which also owns the site, has brought in Washington, D.C.-based Northridge Capital LLC as an equity partner in the project. Terms of the deal were not disclosed.<\/p>\n<p>Meanwhile, debt financing is being provided by Fifth Third Bank. According to the <em><a href=\"https:\/\/www.bizjournals.com\/triangle\/blog\/real-estate\/2015\/05\/liberty-warehouse-apartments-durham-east-west.html\" rel=\"nofollow\">Triangle Business Journal<\/a><\/em>, the bank is offering $36.1 million with a cap set at $70 million.<\/p>\n<p>The new building will preserve some of the architectural elements of the old Liberty Warehouse, such as the historic brick facades along Rigsbee Avenue and Central Park. Many interior features of the partially demolished structure will also be incorporated in the redevelopment. Raleigh-based Clancy &amp; Theys Construction Co. is the project\u2019s general contractor.<\/p>\n<p>Both equity and debt financing have been arranged by Clark Jenkins, vice president with Capital Advisors Inc. of Charlotte.<\/p>\n<p>Last fall, Roger Perry, founder and president of East West Partners, received the first-ever J. W. Willie York Community Builder Award, which is part of a new awards program organized by the Triangle district council of the Urban Land Institute. The developer has been active in the Triangle region for more than three decades.<\/p>\n<p><em>Photo credits: Northridge Capital, LLC<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An innovative Class A apartment building proposed by award-winning real estate developer Roger Perry will soon rise at the site of the former Liberty Warehouse in the Central Park neighborhood of downtown Durham.<\/p>\n","protected":false},"author":260,"featured_media":1004505863,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1604],"tags":[],"class_list":["post-1004120679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-raleigh-durham"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Modern Apartments Replace Crumbling Warehouse in Downtown Durham - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/east-west-partners-begin-work-on-247-unit-apartment-property-replacing-historic-warehouse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Modern Apartments Replace Crumbling Warehouse in Downtown Durham\" \/>\n<meta property=\"og:description\" content=\"An innovative Class A apartment building proposed by award-winning real estate developer Roger Perry will soon rise at the site of the former Liberty Warehouse in the Central Park neighborhood of downtown Durham.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/east-west-partners-begin-work-on-247-unit-apartment-property-replacing-historic-warehouse\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-04T21:10:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-12T07:11:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Liberty-Warehouse-Apartments-in-Durham.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/east-west-partners-begin-work-on-247-unit-apartment-property-replacing-historic-warehouse\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/east-west-partners-begin-work-on-247-unit-apartment-property-replacing-historic-warehouse\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"Modern Apartments Replace Crumbling Warehouse in Downtown Durham\",\"datePublished\":\"2015-06-04T21:10:39+00:00\",\"dateModified\":\"2020-05-12T07:11:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/east-west-partners-begin-work-on-247-unit-apartment-property-replacing-historic-warehouse\\\/\"},\"wordCount\":280,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/east-west-partners-begin-work-on-247-unit-apartment-property-replacing-historic-warehouse\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Liberty-Warehouse-Apartments-in-Durham.jpg\",\"articleSection\":[\"Raleigh-Durham\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/east-west-partners-begin-work-on-247-unit-apartment-property-replacing-historic-warehouse\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/east-west-partners-begin-work-on-247-unit-apartment-property-replacing-historic-warehouse\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/east-west-partners-begin-work-on-247-unit-apartment-property-replacing-historic-warehouse\\\/\",\"name\":\"Modern Apartments Replace Crumbling Warehouse in Downtown Durham - 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