Charlotte Office Asset Lands $8M Refi
- Oct 31, 2019
Fairway has taken a $7.7 million refinancing package for Forest Park Ten, a 61,151-square-foot Class B office property in Charlotte, N.C., according to Yardi Matrix. The loan from Protective Life Insurance Co. pays down a previous, $5.3 million mortgage held by BBVA Compass Bank.
The owner acquired the property from Fifth Third Bank in mid-2010 for $3.6 million. Yardi Matrix shows the financial institution took control of the asset that year through a deed in lieu of foreclosure from Faison, the previous owner, after it defaulted on a $4.9 million loan.
Located at 8333 Forest Point Blvd. near interstates 77 and 485, the property is part of a larger, eight-property campus. The building is 9 miles south of downtown Charlotte and is connected to the metro via local public transportation routes in the vicinity. Several hotels and a number of retailers operate in the immediate area.
Forest Park Ten was built in 2003 and is one of the newest buildings in the office park. The property includes an open floorplan, an executive boardroom and several meeting rooms, along with parking at a ratio of 8.2 spaces per 1,000 square feet. Charter Communications inked a long-term lease in January for the full building, according to the Charlotte Business Journal.
Yardi Matrix indicates that more than $3.6 billion in financing has closed in the metro this year alone. In August, TerraCap Management secured more than $45 million in financing for its acquisition of a three-building Class A portfolio in the University submarket.