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Dewitt Carolinas secures financing to kick-off infrastructure work of $1 billion mixed-use development

Dewitt Carolinas secures financing to kick-off infrastructure work of $1 billion mixed-use development 29 Apr 2021

Avison Young arranges $40-million debt financing for Midtown Exchange

Washington, DC Avison Young today announced it has arranged a $40 million senior loan to fund the pre-development activities and horizontal infrastructure construction for the Midtown Exchange mixed-use development, located in Raleigh, NC. With the new funding, Dewitt Carolinas is one step closer to beginning construction on the first phase of vertical construction, which will include a 353,000 square foot office tower. Avison Young’s team was led by Wes Boatwright, Mike Yavinsky, and Jon Goldstein, all Principals in the firm’s Washington, DC office.

Midtown Exchange is a $1+ billion mixed-use development that is more than 20 years in the making. At full buildout, the project will include 790,000 sf of class A office, 1,275 residential units, 300 senior living units, 300 hotel rooms, 125,000 sf of retail and dining, a convention center, and more than 7 acres of green space and park amenities.

Dewitt Carolinas engaged Avison Young to arrange the debt financing.

Dewitt Carolinas was founded in 1997 in Raleigh, NC and is active in development, ownership, management and acquisition of real estate throughout the Carolinas. The firm has completed more than 600+ developments and over $2 billion of construction.

“Dewitt has done an unbelievable job bringing this deal together – from the site assemblage to master plan and architectural design. It’s very rare to have a project of this scale in a dense and urban setting, especially in such a high-growth market,” stated Boatwright.

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.

 

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