ABP Capital, LLC successfully closed a $17.0 million refinance for the historic mixed-use property located in Raleigh, North Carolina. The financing was structured as a 36-month interest-only senior loan was secured by the north parcel of a full-city-block assemblage in the Glenwood South submarket. The collateral includes the adaptive reuse of the former Pine State Creamery building, a two-story, 49,502 square foot mixed-use asset with ground-floor retail and second-floor office space, along with an adjacent surface parking lot.

Originally constructed in 1928, the property has been thoughtfully repositioned and benefits from its historic designation, prominent Glenwood Avenue frontage, and proximity to downtown Raleigh’s most active employment and entertainment districts. At closing, the asset was partially leased, anchored by established food-and-beverage tenants and supported by near-term lease-up of the office component, providing clear visibility into stabilized cash flow. Loan proceeds were used to retire existing debt, fund reserves, and support final leasing and tenant improvements.

The transaction highlights ABP Capital’s ability to structure tailored financing solutions for complex, urban mixed-use assets with historic character, strong sponsorship, and long-term redevelopment optionality in high-growth Southeastern markets.