Written by Amanda Jones Hoyle | TRIANGLE BUSINESS JOURNAL
Demolition crews have started knocking down the 1960s-era office building at 401 Glenwood Ave. in Raleigh’s Glenwood South district to make way for the new six-story Gramercy apartment building and parking deck.
The Gramercy, located at the at the corner of Glenwood Avenue and West North Street, is slated to have 203 rental units, 6,900 square feet of ground floor retail space and a 260-space parking garage.
Blue Ridge Realty of Raleigh, a development partner with the project, has been working on designs and financing for The Gramercy since plans were first filed with the city in 2011.
Blue Ridge was able to give the green-light for construction after finalizing a partnership with Lowe Enterprises Investors, a real estate investment firm from Los Angeles, and after securing a $26 million construction loan with Wells Fargo as the lender, says Joe Meir with Blue Ridge Realty.
The Meir family has owned the property at 401 Glenwood since the 1960s.
Bleecker P. Seaman, co-CEO of Lowe Enterprises Investors, stated in a news release about the deal that LEI chose to partner with Blue Ridge partly because of the Meir family’s “strong reputation and track record.”
“The Gramercy offers an attractive investment opportunity with a seasoned partner in one of the best locations in Raleigh,” Seaman stated.
In North Carolina, LEI also purchased in September the Aloft Charlotte Uptown hotel for $37.3 million.
The Gramercy building is being designed by JDavis Architects of Raleigh, and Choate Construction will serve as general contractor. John Gaghan led the investment team for Lowe Enterprise Investors, and Howard Brooks of Medalist Capital arranged financing for the development.