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Charlotte Seals Job Deals

30 Jun 2015, 8:55 pm

By Eliza Theiss, Associate Editor

Gov. Pat McRory

Gov. Pat McRory

Charlotte continues to be fertile ground for job creation, with corporate relocations and expansion bringing thousands of jobs to the Queen City. Arguably one of the biggest recent job creators to move to the Queen City, Sealed Air Corp. has just celebrated breaking ground on its new global corporate headquarters with Gov. Pat McRory in attendance.

Relocating from New Jersey to Metrolina, the Fortune 500 company will be bringing 1,300 jobs to Charlotte by 2017. Moreover Sealed Air’s jobs will pay an annual average of $119,482, more than double the Mecklenburg County average salary, which clocks in at $59,046.

Sealed Air will invest $58 million through a long-term lease with a third-party developer who will construct a state-of-the-art facility in LakePointe Corporate Center. Sealed Air named Childress Klein as its development partner for the project. Global design and architecture firm HOK will handle engineering and design, while Stantec will handle project management services.

Allegheny Technologies Inc. is also bringing high-paying jobs to Metro Charlotte with a 70-job expansion. Allegheny’s jobs, created over the next three years, will pay on average $60,000, significantly higher than Union County’s $38,730 average salary. The company will invest $69.8 million and develop a new manufacturing facility next to its existing Union County location.

Image credits: Gov. Pat McRory via Facebook

Matthews ACTS on Expanding Senior Living in the Charlotte Area

22 Jun 2015, 9:07 pm

By Eliza Theiss, Associate Editor

Plantation Estates

Rendering of new independent living apartments at Plantation Estates

Plantation Estates, one of the most sought-after retirement communities in the greater Charlotte area, is expanding, and expanding big.

A recent ground-breaking at the Matthews, N.C. continuing care community kicked off a multi-phase development that will reach $95 million upon completion.

Initially announced in 2014, the 45-acre expansion will boast Plantation’s capabilities with 146 new residences. This includes 125 independent living apartment, two-thirds of which are already under contract and 20 one-story villas, which are sold out. Apartments range between 1,400 and 1,600 square feet, while villas range between 1,800 and 2,100 square feet. The expansion also includes new green spaces, walking paths and a two-story clubhouse comprising a fitness and aquatic center, several dining venues, a multi-use auditorium and multiple indoor and outdoor social areas.

Currently Plantation Estates features 359 independent-living apartments, 60 assisted-living suites and 80 skilled-care beds. The expansion’s next phase will add a 100-bed neighborhood-style skilled care center and turn the existing facility into additional assisted living residences. Pennsylvania-based ACTS Retirement-Life Communities, Plantation Estates’ parent company, isn’t excluding further expansions that add supplementary apartments and villas.

The first residents are expected arrive in in early 2016.

Image credits: ACTS Retirement-Life Communities

New York Life Refinances Apartments for Praedium

22 Jun 2015, 8:54 pm

By Eliza Theiss, Associate Editor

Ansley Commons

Ansley Commons

New York Life Real Estate Investors has originated a $24.5 million mortgage on behalf of institutional investors for a 270-unit multifamily asset in North Charleston, S.C., the New York Life Insurance Co. subsidiary announced.

The loan represents acquisition funding for The Praedium Group. According to Yardi Matrix data, the property, Ansley Commons, was owned by Nashville-based Carter-Haston Real Estate Services, which picked it up a few days before the sale for a yet-to-be-disclosed amount.

Carter-Haston and Praedium have previously jointly owned assets, such as the 474-unit Farms at Cool Springs in metro Nashville, Tenn. which they sold earlier in the year for $81.9 million to The Blackstone Group.

The $24.5 million loan was arranged by CBRE Capital Market’s Vice Chairmen Brian Eisendrath and Steve Heffner on behalf of Praedium.

Completed in 2014, Ansley Commons is located “in an area of Charleston that is seeing significant job growth in various sectors,” according to New York Life Real Estate Investors Senior Director Randall Hall. According to Hall, Ansley Common’s surroundings are expected to continue improving in terms of employment growth.

Image credits: Yardi Matrix

NorthMarq Arranges 3-Year Interest-Only Loan for Office Building in Charlotte

17 Jun 2015, 4:42 pm

By Eliza Theiss, Associate Editor

101 Independence Center

101 Independence Center

NorthMarq Capital has arranged acquisition financing for one of the biggest office transactions this year, intermediating a $79.8 million loan for the purchase of a highly-prized office tower in Charlotte’s CBD “Square.”

The floating-rate transaction was arranged by Keith Braddish, managing director of NorthMarq Capital’s New York metro based regional office. The three-year, interest-only, deal was arranged through NorthMarq’s relationship with Bank of America. The borrower is a partnership formed by LRC Properties LLC (LRC) and Cornerstone Real Estate Advisers LLC, acting on behalf of a Cornerstone-managed fund.

The asset, 101 Independence Center, was purchased in early May by a joint venture between LRC and an undisclosed institutional capital source. The asset was free and clear of debt at the moment of sale. The buyers picked up the property from HFF-represented KBS Real Estate Investment Trust and its asset manager, Gramercy Property Trust Inc. for $107.75 million. HFF represented the seller.

At the moment of sale, the 565,694-square-foot Class A tower was 82.2 percent occupied, with Bank of America as anchor tenant. The 20-story tower shares an atrium with the 451-key Charlotte Marriott City Center, currently undergoing a sweeping multi-million dollar renovation.

Image credits: NorthMarq Capital

22 in 18 for Capital One

15 Jun 2015, 3:30 pm

By Eliza Theiss, Associate Editor

Bridges at Mallard Creek

Bridges at Mallard Creek

Capital One has provided further secured loans to Brookfield Strategic Real Estate Partners Fund (Brookfield). Totaling $53.4 million, the most recently secured loans have enabled Brookfield to refinance four apartment communities in the Carolinas.

This financing marks the 22nd loan the fund and its related entities have secured in one large portfolio financing with Capital One in the past 18 months. Capital One has also provided additional one-off debt financings.

The 232-unit Mount Pleasant, S.C. community Paces Watch received a loan of $20.6 million; Waverly Place, a 240-unit community in North Charleston, S.C. received a $12.7 million loan; Bridges at Mallard Creek, a 194-unit Charlotte, N.C. property received a loan of $11.1 million; while the 252-unit Chason Ridge in Fayatteville, N.C. received $9.5 million.

All four properties are owned and managed by Fairfield Residential, which purchased the properties in 2013 from Gingko Residential as part of a larger portfolio transaction valued at $414 million, according to Yardi Matrix data.

Image credits: Yardi Matrix

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