Editor’s note: LimeLight, the newest addition to WRAL TechWire’s growing lineup, offers ways for companies and individuals to bring more attention to their efforts.
RALEIGH — Hoffman & Associates, a national leader in mixed-use and residential development known for its commitment to innovative and sustainable development, on Monday closed on a private construction loan totaling $70.6M. The loan will finance the first phase of the development of the Seaboard Station neighborhood on the north edge of Raleigh.
The loan comes in partnership with United Bankshares, Inc. (“United”) (NASDAQ: UBSI) who led the transaction. Despite the COVID-19 pandemic in 2020 and into 2021, the deal was able to close smoothly, indicating strength and confidence in the vision for Seaboard Station, Raleigh’s economy, as well as the Triangle’s commercial real estate market. Hoffman & Associates previously partnered with United Bank with large-scale projects including The Wharf, a $2.5 billion, world-class, mixed-use waterfront neighborhood with more than 3.2 million square feet of development along Washington, D.C.’s waterfront.
Limelight
“Our team is proud to work with United Bank on the first phase of this exciting development that has a long and rich history in Raleigh,” said Jon McAvoy, Senior Vice President of Finance and Asset Management at Hoffman & Associates. “Seaboard Station is a unique property and it will continue to be a destination in the future for the community and visitors alike. We are pleased to have a partner in United that shares the belief in both the strength of the Raleigh market and our vision for Seaboard Station.”
Construction on Phase 1 began in fall 2020 and will focus on block B of the property located at the intersection of Seaboard and Halifax Streets. This first phase of the development will include nearly 300 apartment residences, 489 parking spaces as well as approximately 30,000 square feet of retail space. The expanded Seaboard Station will span three phases and will include three apartment buildings, street-level retail, restaurants, entertainment concepts, a hotel, and associated parking for the development.
In total, the development will feature more than 600 residences and more than 130,000 square feet of retail space within a dynamic neighborhood.
“For more than 180 years, United Bank has committed to not only the success of our partners but to the communities in which they serve, live and work as well,” said Taylor Vaughn, Triangle Market President for United Bank. “We are excited to be a part of the development of Seaboard Station and partner with Hoffman as they too expand into the Southeast region. We believe in the long-term growth of not only this dynamic neighborhood but also the greater Raleigh region, especially during these challenging times.”
Originally opened in 1942 as a train depot and warehouse buildings, Seaboard Station served travelers to Raleigh until 1986. By the 1990s, the station building was purchased by the Logan family who led the restoration of the train station and its conversion to a garden center and cafe. The Shops at Seaboard Station followed later in the early 2000’s. William Peace University purchased the Shops at Seaboard Station in 2013 and selected Hoffman & Associates in 2018 as the purchaser of the property due to the company’s experience with large-scale mixed-use projects, its reputation, and its community-first approach. Excavation on Block B started earlier this month.
