SLI Capital and Mack Real Estate Group Close on Financing for First Phase of $700 Million Project, The Weld
Two apartment towers frame gateway of Dix Park, bringing modern living with park views to Raleigh
RALEIGH, NC / ACCESSWIRE / June 5, 2023 / SLI Capital and Mack Real Estate Group have secured financing for the first phase of The Weld, a 1200-unit modern residential development at the front door of the 308-acre Dix Park in Raleigh. SLI, a Raleigh-based real estate investment firm, and Mack Real Estate Group, a national real estate investment firm with offices in Raleigh, are collaborating on this new $700 million mixed-use neighborhood.
The first phase consists of 675 units of one, two-and three-bedrooms in two 20-story buildings on 3.5 acres at the intersection of Lake Wheeler Road and Hammell Drive, where sitework is already underway. Construction should be completed by Summer, 2025. These sleek and glass-fronted spaces will meet residents’ increased demand for a modern urban lifestyle with expansive park views. Each building will include a ground-level restaurant and retail space and share a central greenspace that will serve as a gathering place for residents. The financing for the first phase was arranged by Grant Frankel, Chris Campbell and Matt Brody of Eastdil Secured.
The Weld will be built into the neighborhood surrounding Dix Park, which was historically industrial in nature and has transformed into a vibrant mix of local, entrepreneurial businesses that create a unique, authentic appeal to residents. In essence, The Weld is the connection between the past and the future, between the verdant Dix Park and Raleigh’s thriving urban center.
“The Weld is a truly pivotal site for Dix Park, and will be transformative for the city,” said Bryan Kane, CEO and managing partner at SLI Capital. “With Park City South next door, The Weld will be the front door to Dix Park and provide a direct connection to downtown. “In addition, we are collaborating with the Dix Park Conservancy to identify other meaningful ways to support the Park’s development and expect to announce further details in the Fall.”
Richard Mack, CEO of Mack Real Estate Group, added, “Raleigh has become a regional hub for us, where we have an office and a development team on the ground. As we expand in the Southeast, we are focusing on multifamily and mixed-use projects in dynamic growth markets. The location of The Weld is contiguous to one of the largest new park developments in the United States. Our goal is to create a vibrant new neighborhood in a burgeoning and green urban environment.”
Companies participating in the design and construction of The Weld include Gensler Architects and JDavis Architects of Raleigh; Clancy & Theys Construction, general contractor; and McAdams Civil Engineers of Raleigh.
About SLI Capital
SLI Capital (SLI) is a Raleigh, NC-based real estate investment and development firm. SLI employs an investment strategy that includes a variety of property types and capital structures with an emphasis on multifamily and office in the southeastern US. Since SLI’s founding in 2017, the firm has invested in projects with a total capitalization in excess of $1.5B. SLI has offices in Raleigh, NC and Nashville, TN.
About Mack Real Estate Group
Mack Real Estate Group, LLC (MREG) is an institutional real estate investment firm with roots in several Mack family real estate businesses, dating back to the 1960s. Today, MREG’s equity, credit and property management businesses employ nearly 300 people, with six offices across the US including New York, Los Angeles, Seattle, Phoenix, Miami and Raleigh. MREG’s equity business specializes in the acquisition, development and management of multifamily and industrial properties located in gateway and high-growth markets. Its recently created portfolio, excluding legacy Mack family assets, represents approximately 9,000 multifamily units and six million square feet of industrial space, including development and pre-development pipeline. The firm’s affiliated credit business, Mack Real Estate Credit Strategies, L.P. (MRECS), has originated or co-originated more than $20 billion of loans since 2015 across multiple lending strategies. An MRECS affiliate manages one of the largest publicly traded commercial mortgage REITs, Claros Mortgage Trust, Inc. (NYSE: CMTG). For more information, please visit mackregroup.com.
For more information:
Cyrus Stewart 919-696-2928
[email protected]
SOURCE: SLI Capital
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