The 164-unit community will rise next to Durham Central Park, replacing a functionally obsolete and underutilized building
Durham, North Carolina - Blue Heron Asset Management, a leading private equity real estate investment and development firm based in Raleigh, has closed a construction loan with First National Bank, for Foster on the Park, a boutique multifamily and retail project adjacent to Central Park in Durham, North Carolina. Foster on the Park will be a 164-unit apartment community with ground floor retail/restaurant space overlooking Central Park - the city's main urban park which hosts a Farmers Market, food truck rodeos, and community and social events. The development is adjacent to the 1.7 million square foot Durham Innovation District as well as the Historic Durham Athletic Park, the original home of the Durham Bulls. Demolition and site work commenced on May 14th.
“We’re extremely excited to close our financing with FNB, begin the construction of Foster on the Park and see our collective vision head towards reality. Our entire team has worked diligently over the last few years to collaborate with the City, Durham Central Park, Downtown Durham Inc., and other local stakeholders. Our focus has been on thoughtful place-making and trying to create a vibrant community with great walkability and access to downtown Durham’s growing job base, renowned dining, and its many lifestyle, recreation, and entertainment amenities. Foster on the Park represents the types of infill redevelopment opportunities that we hope to continue to pursue and invest in,” said Benjamin Grinnell, project lead, and partner at Blue Heron Asset Management.
Chris Moore, President of FNB’s Raleigh-Durham Region, added, “We are pleased to provide the financing for Foster on the Park under the experienced leadership of Lewis Bass, our Regional Manager of Investment Real Estate Banking. Contributing to our communities is part of our mission at FNB, and it is a privilege to partner in a project that builds on downtown Durham’s momentum as a thriving destination for residents, businesses and visitors alike.”
The financing was arranged by the HFF team of Roger Edwards, Justin Good, and Henry Sisson. “Blue Heron secured one of the best sites in downtown Durham and have created an amazing project that we expect will be hugely successful. We are excited to be a part of the team and contribute to making this great project a reality,” said Roger Edwards. In addition to Blue Heron Asset Management, FNB, and HFF other team members include Resolute Building Company as the general contractor, Cline Design Associates as the architect, Coulter Jewell Thames as the civil engineer, JLL as the owner’s representative and Bell Partners as the property manager.
The project, located at 545 Foster Street, is slated for completion in the first quarter of 2020.