{"id":1004354618,"date":"2019-09-24T06:30:52","date_gmt":"2019-09-24T14:30:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004354618"},"modified":"2019-09-24T06:30:52","modified_gmt":"2019-09-24T14:30:52","slug":"downtown-raleigh-office-tower-lands-80m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/downtown-raleigh-office-tower-lands-80m-refi\/","title":{"rendered":"Downtown Raleigh Office Tower Lands $80M Refi"},"content":{"rendered":"

Heritage Properties has received an $80 million loan to refinance One Glenwood, its recently completed office tower in downtown Raleigh<\/a>, N.C. The company secured the refinancing with M&T Bank and Pinnacle Financial Partners little after the same lenders provided the developer a $73 million construction loan for Tower Two at Bloc[83]. The two structures will communicate through what is considered Raleigh\u2019s largest urban courtyard. Moreover, the mixed-use Bloc[83] project is also set to include retail and dining options, a 126-key boutique hotel and entertainment platforms.<\/p>\n

\n

READ ALSO:<\/strong> What Fuels The Triangle Office Market\u2019s Growth<\/a><\/p>\n

\n

Located at Hillsborough Street and Glenwood Avenue, along downtown\u2019s premier retail corridor, One Glenwood is currently 98 percent occupied, according to Heritage Properties Vice President & Partner Ryan Blair. Tower Two at Bloc[83] is a $108 million, 10-story mixed-use development that includes 271,500 square feet of Class A office space, 30,000 square feet of retail and and a 665-space parking garage. Plans also call for a tenant lounge and terrace overlooking Hillsborough Street and the courtyard.<\/p>\n

With the $73 million loan, general contractor Whiting-Turner Contracting Co. is able to begin vertical construction at Tower Two at Bloc[83], with completion expected in the first quarter of 2021. Gensler is the architect of the project, William Allen and Alex Dunn of Trinity Partners oversee leasing for the office space, while Charlie Coyne and Reagan Crabtree of CBRE | Raleigh handle retail leasing.<\/p>\n

Growing office space demand<\/h2>\n

Raleigh-Durham\u2019s office market continues to thrive, bolstered by a favorable business climate for both entrepreneurs and high-growth companies. According to a recent Yardi Matrix report, some 1.5 million square feet was under construction as of June. More than 700,000 square feet is expected to come online in 2019, which would mark a new record year for deliveries.<\/p>\n

Several large office projects are likely to transform the metro’s core areas. Earlier this month, The Fallon Co. broke ground<\/a> on the first phase of Raleigh Crossing, another mixed-use project in the heart of the Raleigh\u2019s downtown. This project will include a 19-story commercial tower with 292,500 square feet of office and retail space. Furthermore, Kane Realty Corp. and Lionstone Investments recently landed financing for Tower IV, an approximately 326,600-square-foot office project<\/a> in the Midtown district of Raleigh, N.C. <\/p>\n","protected":false},"excerpt":{"rendered":"

Heritage Properties secured the M&T Bank financing for One Glenwood. The deal closed immediately after the company obtained a $73 million construction loan for its Bloc[83] project.<\/p>\n","protected":false},"author":238,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21742,21747,1604],"tags":[32789,33012,47129,35336,46400,33756],"class_list":["post-1004354618","post","type-post","status-publish","format-standard","hentry","category-development","category-finance","category-latest","category-office","category-raleigh-durham","tag-cbre","tag-gensler","tag-heritage-properties","tag-mt-bank","tag-pinnacle-financial-partners","tag-trinity-partners"],"acf":[],"yoast_head":"\nDowntown Raleigh Office Tower Lands $80M Refi - 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\/downtown-raleigh-office-tower-lands-80m-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Downtown Raleigh Office Tower Lands $80M Refi\" \/>\n<meta property=\"og:description\" content=\"Heritage Properties secured the M&T Bank financing for One Glenwood. The deal closed immediately after the company obtained a $73 million construction loan for its Bloc[83] project.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/downtown-raleigh-office-tower-lands-80m-refi\/\" \/>\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=\"2019-09-24T14:30:52+00:00\" \/>\n<meta name=\"author\" content=\"Laura Valean\" \/>\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\\\/downtown-raleigh-office-tower-lands-80m-refi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-raleigh-office-tower-lands-80m-refi\\\/\"},\"author\":{\"name\":\"Laura Valean\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/2f8b737fce677cc406c08a2c29c1ff38\"},\"headline\":\"Downtown Raleigh Office Tower Lands $80M Refi\",\"datePublished\":\"2019-09-24T14:30:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-raleigh-office-tower-lands-80m-refi\\\/\"},\"wordCount\":380,\"keywords\":[\"CBRE\",\"Gensler\",\"Heritage Properties\",\"M&T Bank\",\"Pinnacle Financial Partners\",\"Trinity Partners\"],\"articleSection\":[\"Development\",\"Finance\",\"News\",\"Office\",\"Raleigh-Durham\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-raleigh-office-tower-lands-80m-refi\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-raleigh-office-tower-lands-80m-refi\\\/\",\"name\":\"Downtown Raleigh Office Tower Lands $80M Refi - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"datePublished\":\"2019-09-24T14:30:52+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/2f8b737fce677cc406c08a2c29c1ff38\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-raleigh-office-tower-lands-80m-refi\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-raleigh-office-tower-lands-80m-refi\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/downtown-raleigh-office-tower-lands-80m-refi\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Downtown Raleigh Office Tower Lands $80M Refi\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/2f8b737fce677cc406c08a2c29c1ff38\",\"name\":\"Laura Valean\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/04\\\/Laura-Calugar.jpg?w=96\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/04\\\/Laura-Calugar.jpg?w=96\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/04\\\/Laura-Calugar.jpg?w=96\",\"caption\":\"Laura Valean\"},\"description\":\"Laura Valean is an Executive Editor with Commercial Property Executive and Multi-Housing News. She has a 12-year background in broadcast media and joined the CPE-MHN team in 2016. Laura edits in-depth stories on key trends shaping the commercial and multifamily real estate industries, coordinating a team of experienced writers. She also hosts award-winning podcast shows for both brands, including Mission Success: Women in Multifamily, NAA Insights, FTI Experts\u2019 Hub, RICS Monitor and CREW Up. Laura holds a B.A. in Journalism and an M.A. in Media Management. She can be reached at\ud83d\udce7 laura.valean@cpe-mhn.com\",\"jobTitle\":\"Senior Editor\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/laura-valean\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Downtown Raleigh Office Tower Lands $80M Refi - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/downtown-raleigh-office-tower-lands-80m-refi\/","og_locale":"en_US","og_type":"article","og_title":"Downtown Raleigh Office Tower Lands $80M Refi","og_description":"Heritage Properties secured the M&T Bank financing for One Glenwood. The deal closed immediately after the company obtained a $73 million construction loan for its Bloc[83] project.","og_url":"https:\/\/www.commercialsearch.com\/news\/downtown-raleigh-office-tower-lands-80m-refi\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2019-09-24T14:30:52+00:00","author":"Laura Valean","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/downtown-raleigh-office-tower-lands-80m-refi\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/downtown-raleigh-office-tower-lands-80m-refi\/"},"author":{"name":"Laura Valean","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/2f8b737fce677cc406c08a2c29c1ff38"},"headline":"Downtown Raleigh Office Tower Lands $80M Refi","datePublished":"2019-09-24T14:30:52+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/downtown-raleigh-office-tower-lands-80m-refi\/"},"wordCount":380,"keywords":["CBRE","Gensler","Heritage Properties","M&T Bank","Pinnacle Financial Partners","Trinity Partners"],"articleSection":["Development","Finance","News","Office","Raleigh-Durham"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/downtown-raleigh-office-tower-lands-80m-refi\/","url":"https:\/\/www.commercialsearch.com\/news\/downtown-raleigh-office-tower-lands-80m-refi\/","name":"Downtown Raleigh Office Tower Lands $80M Refi - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"datePublished":"2019-09-24T14:30:52+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/2f8b737fce677cc406c08a2c29c1ff38"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/downtown-raleigh-office-tower-lands-80m-refi\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/downtown-raleigh-office-tower-lands-80m-refi\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/downtown-raleigh-office-tower-lands-80m-refi\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Downtown Raleigh Office Tower Lands $80M Refi"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/2f8b737fce677cc406c08a2c29c1ff38","name":"Laura Valean","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Laura-Calugar.jpg?w=96","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Laura-Calugar.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Laura-Calugar.jpg?w=96","caption":"Laura Valean"},"description":"Laura Valean is an Executive Editor with Commercial Property Executive and Multi-Housing News. She has a 12-year background in broadcast media and joined the CPE-MHN team in 2016. Laura edits in-depth stories on key trends shaping the commercial and multifamily real estate industries, coordinating a team of experienced writers. She also hosts award-winning podcast shows for both brands, including Mission Success: Women in Multifamily, NAA Insights, FTI Experts\u2019 Hub, RICS Monitor and CREW Up. Laura holds a B.A. in Journalism and an M.A. in Media Management. She can be reached at\ud83d\udce7 laura.valean@cpe-mhn.com","jobTitle":"Senior Editor","url":"https:\/\/www.commercialsearch.com\/news\/author\/laura-valean\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004354618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/238"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004354618"}],"version-history":[{"count":4,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004354618\/revisions"}],"predecessor-version":[{"id":1004354828,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004354618\/revisions\/1004354828"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004354618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004354618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004354618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}