Buckingham Companies has successfully secured $36 million in refinancing for its Plat 4 at Research Triangle, a significant rental community located in Durham, North Carolina. This financial maneuver aims to replace the initial construction financing, paving the way for continued operations and potential future enhancements of the property.
Key Takeaways
- Buckingham Companies obtained $36 million in refinancing for Plat 4 at Research Triangle.
- The loan is a floating rate, interest-only bridge loan provided by ACRE.
- The refinancing replaces existing construction funds from Stifel.
- Plat 4 at Research Triangle is a 240-unit garden-style community that came online in 2023.
Property Details
Plat 4 at Research Triangle, situated on 22 acres at 5510 Primary Drive, is a recently completed garden-style rental community. The property features a diverse range of unit types, including studios, one-, two-, and three-bedroom floor plans. These units vary in size from 543 to 1,371 square feet and are designed with private balconies or patios.
Amenities and Features
The community boasts an extensive list of common-area amenities designed to enhance resident living. These include:
- Two dedicated dog parks
- A swimming pool
- Barbecue and picnic areas
- A billiard area
- A business center
- A coffee bar
- A clubhouse
- A fitness center
- A lounge area
- An outdoor fire pit
- EV charging stations
- Conference and focus rooms
Transaction Facilitation
The refinancing transaction was arranged by a team of professionals from Walker & Dunlop, including Sean Reimer, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, and Dustin Stolly. They were supported by Michael Ianno and Stanley Cayre in facilitating this significant financial arrangement.