News release

Momentum at Fenton continues with closing of second largest commercial construction loan in Triangle history

Financing marks major milestone for mixed-use district in North Carolina’s Triangle region

November 04, 2020

RALEIGH, November 4, 2020 – JLL Capital Markets announced today that it has arranged what is believed to be the second largest commercial construction loan in Triangle history on the behalf of Hines, Columbia Development and USAA Real Estate for the continued development of Fenton, a 69-acre mixed-use project underway in Cary, North Carolina.

JLL represented the developer, a partnership between Hines, Columbia Development and USAA Real Estate, to arrange the construction financing with Bank OZK. In addition to being one of the largest construction loans in the Triangle region, this is also the largest construction loan to close for a retail-driven project in the U.S. since the start of the COVID-19 pandemic, according to Real Capital Analytics. The developer will begin vertical construction in November 2020. In 2019, HFF, now part of JLL, arranged the joint venture equity investment for the first phase of Fenton’s development.

“This is the final piece of the puzzle that allows the project to move forward with vertical construction,” said Paul Zarian, Director at Hines. “Especially in light of the current economic climate, we are grateful for the confidence that Bank OZK has placed in the development team and appreciative of JLL’s tremendous efforts and leadership to secure this facility.”

Fenton is positioned along I-40 and Cary Towne Boulevard, a prominent interstate interchange that occupies a premier, central location in the Triangle. The first phase of the project will include approximately 345,000 square feet of shops, restaurants and entertainment space, 200,000 square feet of office space, a 175-key boutique hotel and a recently announced multi-housing community, The Canopy at Fenton, which will consist of 357 luxury apartments.

Fenton’s dining scene will also have an impressive roster of chef-driven restaurants, including Chef Scott Crawford’s Crawford Brothers Steakhouse, Steve Palmer’s Italian restaurant Colletta, Chef Ford Fry’s tex-mex concept Superica and chef Michael Lee’s M Sushi. Other tenants include anchors Wegmans and CMX CinéBistro, as well as Honeysuckle Gelato, Crú Food & Wine Bar, Sephora, Free People, Bailey’s Fine Jewelry and Blo Salon.

The JLL Capital Markets team representing the developer was led by Managing Directors Chip Sykes and Roger Edwards.

“My partners and I at JLL are grateful for the opportunity to have worked on this visionary project, particularly with the wonderful development team of Columbia Development, Hines and USAA Real Estate,” said Sykes. “Together, and with our friends at Bank OZK, we were able to drive this financing to the finish line in such a challenging environment.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries. For more news, videos and research resources on JLL, please visit the newsroom.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Hines

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries. Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,319 properties, totaling over 431 million square feet. The firm’s current property and asset management portfolio includes 527 properties, representing over 224 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit for more information.

About Columbia Development

Columbia Development is a privately held real estate development firm based in Columbia, South Carolina, with offices in Atlanta, Georgia, Charleston, South Carolina and Raleigh, North Carolina.  Columbia’s team is actively engaged in the development of mixed-use destinations, regional and neighborhood shopping centers, and single-tenant retail assets throughout the southeastern United States, with a primary geographic focus on the Carolinas.  Columbia Development is currently constructing six projects totaling more than one million square feet and has a predevelopment pipeline in excess of five million square feet.  Columbia’s team has vast experience in the areas of site selection, development, finance, construction and leasing. 

About USAA Real Estate

USAA Real Estate provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors and arranges commercial mortgage loans on behalf of affiliates. Its portfolio consists of office, industrial/logistics, multifamily, retail and hotel properties. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit

About Bank OZK

Bank OZK is the #1 capitalized bank among the nation’s top 100 U.S. publicly traded banks based on asset size and Tier 1 Leverage Capital Ratio as of March 31, 2020, according to data obtained from S&P Global Market Intelligence.  Established in 1903, Bank OZK conducts banking operations through more than 250 offices in ten states including Arkansas, Georgia, Florida, North Carolina, Texas, Alabama, South Carolina, New York, California and Mississippi and had $24.57 billion in total assets as of March 31, 2020.  Bank OZK can be found at