The New York office of Holliday Fenoglio Fowler, L.P. has arranged a $23.785 million refinancing for South Terrace at Auburn Apartments, a 328-unit, Class A multifamily apartment complex in Durham, North Carolina.
HFF managing director Robert Delitsky worked on behalf of the borrower, Auburn Apartments, LLC, to secure the ten-year, fixed-rate securitized loan through the New York City office of GMAC Commercial Mortgage Corporation, a conduit lender.
The borrowing entity is comprised of The Kalikow Group of Westburh, New York, led by Ed Kalikow, and EYC Companies of Raleigh, North Carolina, led by Ellis Coleman. HFF arranged the construction loan in 2001, which was then converted to a permanent loan through GMAC Commercial Mortgage Corporation.
Triangle adding jobs at fast clip
CHAPEL HILL – The Triangle leads the Southeast in the number of jobs added during the past year, according to a new study.
Fourteen thousand more jobs were created in Chapel Hill, Durham and Raleigh through the third quarter of 2004 compared to the same period in 2003, according to research conducted by American City Business Journals, the parent company of Triangle Business Journal.
The study looked at 226 labor markets nationwide. In terms of percentage growth, the Triangle’s number of jobs was up 2.1 percent over the past year, giving the area a 35th ranking. But the raw growth numbers place the Triangle 17th among the nation’s labor markets. In the Southeast, only the Charleston, S.C., area ranked higher in percentage growth. Nationwide, the study shows that more than 70 percent of the labor markets have added jobs during the past year. Sixty-one have suffered losses, while four are unchanged.
The Triangle’s attractive labor market and the area’s quality of life are factors that continue to score big in the region’s economic recovery, says James F. Smith,
an economist with the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill. “This area is accounting for the majority of job growth in the entire state,” says Smith. “Basically, the Triangle is back.”
Highly trained and educated employees always have been a major attraction of the area, he says. With the economy continuing to slowly improve, more companies are able to take advantage again of the strong labor market. Continuing to work in the Triangle’s favor in creating new jobs also is its proximity to three major research universities.
“Creating new jobs is a major business investment, and the Triangle is once again benefiting from this,” Smith says. “This area was hard hit because the market had gone too far in telecommunications, but we now are seeing that turn around.”
In North Carolina, Charlotte’s employment base expanded by 1.9 percent and Asheville was up by 1.7 percent during the study period. The two metros and the Triangle have added 32,000 jobs among them since the third quarter of last year.
