EYC Companies Secures $22 Million Loan for New Luxury Apartment Complex

RALEIGH, NC-Real estate investment firm EYC Cos. has closed on a $22-million loan to construct a new luxury apartment community near Durham’s popular Research Triangle area. Horsham, PA’s GMAC Commercial Mortgage Corporation is financing the 328-unit structure, which will be completed in May 2003.

Carocon Corp. is the general contractor and Andron Architects and Associates is designing The South Terrace at Auburn apartments. The new luxury residential community will feature–among other amenities–a carriage house, nature trails, and an entertainment area located on a terrace overlooking a three-acre lake. The property will also be neighbor to a new shopping mall with 1.3 million sf of retail space, scheduled to go up a year before EYC’s project. And South Terrace’s proximity to the 7,000-acre Research Triangle Park puts it in the middle of comings and goings in the well-traveled pocket formed by the area’s three major universities: Duke, the University of North Carolina at Chapel Hill, and North Carolina State University in Raleigh. The complex will sit just two miles from the triangle.