Charlotte Office Park Scores $119M Refi
- Jun 21, 2018
Trinity Capital Advisors has received a refinancing loan for Toringdon Office Park, a 519,698-square-foot campus in Charlotte, N.C. According to Mecklenburg County records, Bank of America provided a $119 million floating-rate loan. HFF facilitated the deal on behalf of the borrower.
In 2014, Trinity Capital Advisors acquired the Toringdon 4 and Toringdon 6 office buildings, attaining ownership of the entire six-building Toringdon Office Park.
In addition to refinancing an existing loan, the money from the loan will be directed at the development of a seventh building, to be called Toringdon 7.
Constructed between 2001 and 2008, Toringdon Office Park’s six current buildings are located at 3420, 3430, 3440, 3426, 3436 and 3530 Toringdon Way, directly off Johnston Road in Charlotte’s Ballantyne submarket. Just 10 miles south of Charlotte’s central business district, the property is conveniently located off Interstate 485, at the Johnston Road exit and within walking distance of restaurants, hotels and daycare. It is also just 20 minutes from Charlotte Douglas International Airport.
At the time of the refinancing, the park was 95 percent leased to a tenant roster including Selective Insurance, Crown Castle, Heartland Payment Systems and TIAA-CREF.
The first two buildings were acquired in 2012 and merged together to form one 164,911-square-foot property. Toringdon 3 and 5 offer a combined 161,413 square feet, while Toringdon 4 features 102,000 square feet of office space and Toringdon 6 boasts 102,000 square feet of space. Toringdon 7 is scheduled for delivery in December 2019 and will encompass 198,195 square feet.
Travis Anderson, HFF senior managing director, and Cory Fowler, senior director, represented Trinity Capital Advisors in the deal.
Images courtesy of Yardi Matrix