Independence Is Financed in Charlotte
- Jun 17, 2015
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