June 17, 2019
Knighthead Funding provided a $34 million loan to Equator Capital Management for the conversion of a vacant outlet mall into a 245,000-square-foot office campus in Raleigh-Durham, NC.
Proceeds from the financing will be used to convert the former Morrisville Outlet Mall into a modern creative office campus. The space will be characterized by the extensive use of glass walls, some as high as 30 feet, to create interior spaces filled with natural light. Improvements to the common areas will include a resurfaced parking lot, landscaped courtyards and bocce courts as well as new signage, lighting and drainage. Construction is expected to be completed in Spring 2020.
The 25-acre project is located at 1001 Airport Blvd., nearby the I-40/I-540 interchange, and offers convenient access to Raleigh and Durham, as well as other major regional employment centers. The property is also less than two miles away from the Raleigh-Durham International Airport.
For comments, questions or concerns, please contact David Cohen