HFF Secures $44M Financing for Downtown Charlotte Office Asset
- Apr 08, 2016
121 West Trade St. is located within walking distance of downtown Charlotte’s attractions, including The EpiCentre, Spirit Square Center for the Arts, Discovery Space Center, Time Warner Cable Arena and the Levine Center for the Arts. 121 West Trade Street’s largest tenant is Chicago Bridge & Iron. SAS Institute, Caudle & Spears and Brookwood Associates are also tenants in the building. The asset features the Charlotte City Club on the top two levels, 260 covered parking spaces, floor control, on-site management and 24-hour security.
HFF worked on behalf of the borrower LPC Realty Advisors I LP, an affiliate of Lincoln Property Co., to secure the five-year, floating-rate loan through MetLife Investment Management. Initial proceeds of $36.1 million were used for post-close acquisition financing, while the remainder will be used for future capital costs. HFF brokered the sale of the property to LPC Realty Advisors I LP in December 2015.
Senior Managing Directors Travis Anderson and Susan Hill and Associate Director Cory Fowler led the HFF debt placement team representing the borrower.
Image courtesy of 121 West Trade Street