Turnbridge Equities has commenced site demolition and will soon break ground on Highline Glenwood, a 37-story, 306-unit luxury residential tower in Downtown Raleigh, North Carolina.
In connection with the start of construction, Turnbridge has closed on approximately $147 million of construction financing provided by Axos Bank and managed accounts of the Manulife Investment Management Real Estate Credit Strategies Team. Turnbridge is providing the equity for the project.
When completed, Highline Glenwood will be Raleigh’s tallest residential tower. Its 306 units will include:
1) A 37th-floor indoor/outdoor sky lounge, and a 13,000 square foot outdoor amenity terrace on the 9th floor that will include a pool, padel court, lawn, grills, fire pits, and lounge areas
2) Additional resident amenities also include a demonstration kitchen, coworking suite with conference and videoconference rooms, a Trackman golf simulator, and a fitness center
3) Approximately 7,500 square feet of retail space on the ground floor, in addition to approximately 50,000 square feet of commercial space in the historic Creamery building, which will be preserved
The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
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Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
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Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
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