Northwood Ravin Scores $140M Charlotte Refi
The loan on the 421-unit luxury high-rise retires construction financing taken in 2016.
Northwood Ravin has taken a $140 million loan to refinance Upton 550, a 421-unit community in Charlotte, N.C. CBRE arranged the three-year, floating-rate loan from Deutsche Bank.
The new financing retires a $68 million construction loan from Wells Fargo Bank dating back to 2016, Yardi Matrix data shows.
The high-rise community, delivered by the owner in 2020, offers a mix of studio to three-bedroom floorplans ranging from 558 to 1,609 square feet. Property amenities include a private bar on the 21st floor, a spa, a pool deck, fitness centers, concierge services and a full business center. The building also has 4,500 square feet of ground-floor retail space.
Located at 550 Stonewall St., the property is less than 1 mile south of the rapidly growing metro‘s central business district, home to the headquarters of Honeywell, Bank of America and Duke Energy, among others. The asset’s immediate surroundings include the NASCAR Hall of Fame and multiple shopping and dining options.
The CBRE team working with the owner included Nate Sittema, Kristen Reilley, Grant Harris and Elliott Voreis. In August, the same team worked with Northwood Ravin to secure a $208 million financing package for an 823-unit community 3 miles east of Uptown 550.